Okay this is how it works in a real in-line console, or "mixer", to clarify what Formant meant:
Each channel has sends or "aux" (auxillary) sends (sometimes up to 6, sometimes only 1 or 2 sends per channel). In the back of the board, there are send outputs that you plug into your reverb units. Your reverb units are then plugged back into the board, either in "aux returns" or a "parallel" channel next to your actual vocal track channel.
Now you can turn up "send 1 and 2" on the vocal track, which goes into your reverb, which is set at 100% wet (tell you why later) and comes back on another channel. The reason why it's 100% wet is because now you have 1) your "dry" vocal track, and a "wet" reverb only mix, that you can adjust accordingly.
This is a key setup because in pro tools, you can emulate this "parallel effects" setup, and keep your vocal track dry so that you can do a number of other options. Now you can automate your reverb to only send it on certain words, or every 4 bars, or turn down the reverb without affecting your dry vocal track.
In Adobe Audition, I don't believe you have sends. This makes it so that you can't differentiate between dry and wet, except for in the actual track. (I remember Cool Edit was like that, anyway). So the amount of effects you put on your vocals are only adjusted by "reverb level" or "dry/wet mix".
Now... compression is the only thing that's "serial", as opposed to "parallel". This means it actually breaks your audio signal, goes to the compressor, then comes back into the same channel. This means it's a "thru" patch, instead of sending it somewhere and doubling it up.
Now... as for your question... If it does sound good the way you're doing it, then do it that way.
As for the pro's... they usually compress moderately, and ride the faders so that it sounds more natural. Most vocals that you hear nowadays are over-compressed anyway, so don't worry about it. It's not like a kick drum that will take your punch out of your mix, so do it until it sounds good.
Most vocals are compressed at least three times. 1) while it's being recorded, or "going to tape" 2) During mixdown each vocal track has its own compression, or there's a vocal sub-mix with all the vocals, and compression on that. 3) During mixdown there is usually compression on the stereo bus (Mix L/R) to limit, maximize, finalize, slam, etc your mix. The last stage isn't just for vocals, but it's another stage of compression that does effect it. If moderate compression is used along the way, it won't sound unnatural by the last step.
Hope this helped.
Hypno