Under EC261, a refund and "compensation" are different concepts. (Whether EC261 entitles the OP to a refund under these circumstances, I do not know, but that is worth investigating.)

If EC261 -- which supersedes AA's own policy on refunds for Basic Economy tickets -- does not provide for a refund here, then it seems that AA's own policy would not provide for one, since the schedule change is less than four hours. But one never knows what a sympathetic agent might do.