While waiting for the 8th island, Am I losing all the compasses I am earning?

We already have an answer for a similar question which you can see here:
Where do my compasses get stored and why can’t I see how many I have?

If you have more answers to add you can do that below.

No, you are not losing compasses. They are being stored inside your game data, but unfortunately, you cannot see them to see how many you have. Those who can get into the game data (i.e. customer support, those with dev knowhow) can see them.