The size of "no compression" backups is not as much as I expected, but you should just try it. If you are using the "fast" level, try "fastest" and see if that solves the CPU problem. If the size of the backups is acceptable, try "no compression".
It also helps to use an incremental backup scheme like weekly, which gives a full backup once a week and incremental backups on the other days. It works perfectly fine if you want to recover files from the backup.
The old backups are still recoverable if you change the level of compression.