If you float it with joint compound, you will need to cut out the bubbles and refloat until you get them all. Since joint compound shrinks when it dries it's kind of annoying how many times you have to go back.
If you primer it first, this stiffens the wall and helps you see the areas that are the weakest, making it where you have to float less times.
If you use liner paper you cover the air pockets but sometimes you can still see them through the liner paper when you paint.
Sometimes it helps to use a quick dry joint compund. It doesn't shrink as much and you can refloat with less wait time in between floating.
You can use tape when you float, Frankenstein style, this covers and heals larger areas faster.
If you are patient the walls will be smooth, smooth, smooth.
If you live there, let nature be your friend and float and just walk away... walk away I say... just walk away.