for PS1 and PS2 ABSOLUTELY, i cut just about my whole PS2 iso folder in HALF
and they LOAD faster in chd! or least the same if you got really strong hardware
the games i converted to chd and still work well (to my knowledge, i tested extensively)
Ps1 (using duckstation), ps2 (pcsx2), dreamcast (reDream or flycast) , PSP (ppsspp)
NOTE: IN TINY FEW CASES THE CHD WON"T WORK TEST THE CHD BEFORE DELETING THE ORIGINAL ISO/BIN/CUE FILES!!
sega saturns are VERY IFFY, depending how the rom was created and if it uses many track/music files you gotta make sure it still works (ingame music and all!)
but i've tried and in MOST cases it'll work, far as i know only Ymir emulator runs CHD
i never used Retroarch so check that yourself if it supports CHD or not.
don't bother chd'ing gamecube/wii games, dolphin itself can compress games into RVZ files, much more smaller, you do it INSIDE dolphin (right click game, convert) i always did maximum compression the games work just fine with barely additional load times (as stated in emu, i never noticed)