No running says go back to the basics:
Do you have suck? Does it pull air in through carb?
Do you have squeeze? Sounds like you do with compression reading.
Do you have bang? Sounds like yes/no in that you have spark.
Do you have blow? Does it push air out the exhaust?
Those handle the basic mechanical air pump stuff.
Put another way it takes compression, fuel, and spark. You have checked two and found good so must be the other one.
I might swap carbs and see if the problem moves. If it does you have a fuel/carb problem. Could also potentially check this out using the sparkplug wet or dry test. Could also check if fuel is in float bowl of dead cylinder's carb. I presume the cylinder is dead at all RPMs and throttle levels?
Long shot but that spark also has to occur at the right time. Is it possible to have different timing on one cylinder? I might guess not.