Yes, this would still need to be compiled. To give an example, an uncompiled AR inventory report will be around 500MB in XML format. When compiled (utilize PowerShell to open the XML with Excel, and SaveAs and XLSX formatted file), the resulting file will be around 25MB.

While the XML solution will work, XML is heavy. You’ll need to have it compiled post-creation, which can be done programmatically on a Windows Server with PowerShell. Otherwise, I’d use a python script to do the compilation on a Unix server.

This wouldn't account for double quotes within the field data.