Yes and no on oil-squirt.
IF compression increases significantly (say.. to 130–150psi), THEN rings are issue.
but IF compression doesn’t go up significantly, THEN issue is valves aren’t sealing.
Probably combination of both. Leakdown test will give you more concrete data.
Photos shows exhaust seats (except for one) are extremely worn out with 2.5-3.5mm contact. Intake seats are over service-limit at ~2mm. Definitely needs top-cut on all of them. But nowadays with 3D cutters, you can do all three angles at once in single pass. Might as well do complete valve-job. Target 0.5mm on intake and 0.7mm on the exhaust.
