Not just the compiler. If the board has enough juice one can run the entire IDE itself on it, therefore developing on the same iron.
I've tried Lazarus on old H3 based NanoPIs and slowness aside (microSD, years old board, 1G RAM) it was perfectly usable to write, compile and run code on the same board. Not an ideal condition, still speaks a lot on why Open Source is great.
I wish the IDE supported more languages and compilers though, and even a basic port of the LCL and debugger to them would be a huge achievement.