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Do not cut the compressor! That spring is under hundreds of pounds of load. You will almost certainly hurt yourself if you cut the compressor. All that energy stored in the spring will be released suddenly. You will have a spring, two halves of a spring compressor, and a cutting tool all flying in different directions.
I do think cutting the ratchet as short as possible, then using a different wrench on the exposed part of the nut is the right move. But cutting tool steel isn't fun, and less fun when there is a compressed spring attached to the tool. And even less fun without a vise. Whatever you do, be careful. A shop might be better equipped to get this done safely.
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