No, that would just postpone whatever problem existed in the first place since you'd be left with a huge mass of compressed exhaust gases which do not have any use. Since those exhaust gases consist mostly of nitrogen (due to it forming ~80% of the atmosphere) this would also entail a massive waste of energy expended in compressing that nitrogen.

Separating out the CO₂ would make it possible to either use it in some form where it replaces CO₂ otherwise produced by other means - e.g. for welding, cooling, carbonation of liquids etc. - or to sequester it in some way.