With normalization, a track with excessive compression and a normally mastered track will have the same loudness. The compressed one will simply have less dynamic range.
It reduces the appeal, but compressed tracks will still sound louder. It depends how advanced the normalisation is. The ideal situation would be something like Dolby's dialogue normalisation where the level is determined from a specific part of the soundtrack rather than the entire thing. It's not obvious how this would work with music, though.
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