Related: #34
An asset is any editable resource found in the resource tree of the project. The task required will depend on the asset type being modified.
Cropping is exclusive to Sprites and Tile Sets. It involves cutting out empty or unseen pixels and cells from the assets so they take less visible (and disk) space on texture pages. Reportedly, the Game Maker Asset Compiler (GMAC) crops textures when creating the .win package, so the time gained from pre-cropping may be negligible.
Compressing can mean using a data compression algorithm to encode a file in a format which removes unnecessary bits of data in order to reduce file size. This form of compression is most relevant for Sounds. GameMaker Studio 2 re-compresses audio to .ogg format if they're streamed, and .wav if they're not, even when they're already in those file formats. Consequently, changing the file format may not increase compilation time substantially; however, it may mean a significant reduction of on-disk space, which is important when cloning the repository and pulling asset changes.
Compressing can also mean re-creating assets in a different way that results in less data used. This is most relevant when it comes to GML code assets, such as Scripts, Shaders, Timelines, Objects and Rooms (ie. "Room Creation Code.") These code changes will be the largest source of time gain.
Re-purposing is similar to compressing where an existing asset is re-created to use less data. This is mainly referring to changing how Sprites are handled - whether they take up their own texture page, or have redundancies that can be effectively cut out through code changes, etc.
Paths, Fonts (unused) and Notes are not included in this enhancement.