Throttle mode sets the throttle at a fixed "percent". The RPM WILL decay with battery voltage drop.
Throttle Compensation allows for "adding" throttle as time goes by thus, when set correctly, no or very little RPM difference will be realized from the beginning and end of flight (read as lap time). These functions are used when ESC has no "governor" mode.
Throttle mode allows up to 100% throttle, Comp mode only allows up to 85%, leaving the remaining 15% to comp with, ie add throttle.