All Effects distributed with Wwise that process channels independently, such as the Compressor, Guitar Distortion, and Parametric EQ plug-ins, support ambisonics.
In order to preserve the spatial image, compression should be used in "linked channels" mode.
On the other hand, reverbs process channels differently. They typically downmix the input channel, reverberate it, and upmix the reverberated output by mixing more or less de-correlated signals into the output channels. RoomVerb and AK Convolution Reverb work with ambisonic voices/busses. They take the W (omni) channel, reverberate it, and upmix it by mixing de-correlated signals to the omni and directional channels. Matrix Reverb will fail to initialize if used on ambisonic voices/busses.