For sure.... check it with the throttle open.
If your readings are still low, squirt some oil in the cylinder and test it again. The oil acts as a sealer and will temporarily boost compression. If that works and your compression improves, that is a clue that your rings may be stuck or your cylinders are worn. Since you have no valves in the top end, you don't have to worry about problems there.
I have had several two stroke motors come down with stuck rings. Apparently the two stroke oil that is added to the gas carbons the rings up. Also, since the rings can't rotate, (there is a peg at the ring gap that keeps them from rotating in the grooves) they may not be able to keep clean as well as a four stroke motor.
The good news is that this is a relatively easy fix on a two stroke.