Not really. If H2 were to be considered a compound (as opposed to being a molecule), only the nomenclature of things would be different. So, O2, N2 Cl2, etc. would be called compounds too, and not molecules. But the chemistry wouldn't be different. So, if I understand your question, and maybe I don't, the chemical nature of things and their chemical reactions would not be affected, only the terms we use would be different. It's only a matter of definition that H2 isn't called a compound.