I found a website for industrial compressed air dryers that addressed this matter, although only fundamentally. They state that moisture will condense out of air when sufficiently cooled (which is what I thought) OR when under enough pressure (what the poster thought). With respect to an air...
On an automotive forum, a member made a statement that compressed air won't hold as much moisture as ambient pressure air because the water is "squeezed" out by the pressure and is also, therefore, "drier" air. He pointed to the need to drain water from the tank as proof of the squeezing...