It doesn't work very well. I got SEGFAULTs every time I tried; filed a bug report; no resolution. So, while it does exist, it's not a high priority for the Julia team, so I wouldn't rely on it.
It's getting better. See how I managed to compile a bunch of data science packages https://discourse.julialang.org/t/201908-compiling-a-data-sc...
I had the exact same experience when I tried over a year ago. The package was eventually closed IIRC, but a recent news letter claimed to have fixed it.
How big are the resulting binaries these days? It’s been some time since I tried this, but I decided that the size of the compiled code didn’t fit my use case (a serverless function IIRC)
If you want to build CLIs without the JIT overhead, you can compile your Julia code: https://github.com/JuliaLang/PackageCompiler.jl