maybe, maybe not. it's one tool at your disposal. it's easy to guard against zip bombs if you know about them - the question is, how thorough are the bot devs you're targeting?
there are other techniques. for example: hold a connection open and only push out a few bytes every few seconds - whether that's cheap for you or not depends on your servers concurrency model (if it's 1 OS thread per connection, then you'd DOS yourself with this - but with an evented model you should be good). if the bot analyzes images or pdfs you could try toxic files that exploit known weaknesses which lead to memory corruption to crash them; depends on the bots capabilities and used libraries of course.