Yes, that is the goal, although it will depend on how your images are included in the page (CSS background images can be hit or miss).
Easy IO is intended to solve these 4 tasks:
serve scaled images:
compress images
defer offscreen images (lazy load)
use nextgen formats (WebP)
Plus it delivers images from a CDN, compresses your JS/CSS, and delivers all other assets from that same CDN.
Does all this EASY IO facility have compatibility with all cache plugins?
I use Litespeed cache and on other sites the WP Fastest cache.
Yes it should work with any cache plugin, though there may be certain settings in various cache plugins that we don’t recommend, like combining scripts and removing query strings.