In fact, Btrfs handles SMR/Zoned devices quite well, better than ext4, as far as I know.
There are reports of users seeing improved performance with SMR drives compared to ext4, so in this case I wouldn’t blame the SMR + Btrfs combination.
Fedora enables compression by default, and with a decent CPU you should see some benefits from it, since in this case the bottleneck is the hard drive, at the cost of slightly higher CPU usage.
As for wear, compression also helps here, as it reduces both read and write operations (writing fewer data means fewer head movements and fewer sectors being allocated).