A kernel that is configured to compress modules (for example CONFIG_MODULE_COMPRESS_XZ=y) still supports loading uncompressed modules. Given that it is size-wise more efficient to compress a bunch of uncompressed files, compared to compressing a bunch of files that are individually already compressed. It might make sense for Dracut to decompress modules it finds before including them in the initramfs.
The same holds for firmware files (CONFIG_FW_LOADER_COMPRESS_XZ=y).
To put this in numbers, an UKI for the same kernel with the same user space utilities, but with pre-xz-compressed kernel modules and firmware is 356.352 kb larger on my system.