I think there is a significant difference between, say, 90%, 95% and 98% of maximum Standard Proctor density. For your example, relative density would probably be a more consistent predictor of strength and compressibliy than Proctor, because cohesionless soils tend to jump out from under the Proctor hammer and give erratic Proctor results. But let's say that 95% Proctor is equal to 70% relative density. The difference between 0% and 100% relative density is probably only about 25 pcf. At 90% of maximum Standard Proctor density, the relative density would be roughly 50%, generally considered too low for reliable foundation support.
For clayey fills, the big difference appears when the completed fill is subjected to water infiltration. The lower the percent compaction, the more voids available to fill with water. Assume a silty clay with a maximum Standard Proctor density of 105 pcf and optimum water content of 20%. Compacted at optimum,the consistency will probably be very stiff, with an unconfined compressive strength between 4 and 8 kips per square foot. At 98% compaction, it can absorb enough water to have a water content of about 23%, 3% above optimum. It would probably be stiff (2 to 4 ksf). At 95% compaction, the potential saturated water content is about optimum + 5%, and it would be firm (1 to 2 ksf). At 90% compaction, the potential saturated water content would be about optimum + 8%, and the soil would be soft, unsuitable for footing support and likely to compress significantly under its own weight.
If you can keep water out of the fill, The degree of compaction is much less critical than if the fill may get wet in the future.