The compressed assets are unzipped for you almost transparently. But based on the MIME type, other assets are not compressed. The list includes JPEG, PNG, MP3, and MP4. For these assets, the Asset Manager gives you a handle to the whole Assets file, with offset to the beginning of the requested asset. You can efficiently seek around this asset, but in my experience it is also very easy to miss the bounds and reach data that belongs to other assets. So, please be careful with this API.
Cheers,
Alex