"%%gcs read" command does not work with compressed data.
"%%gcs read" load all the content as a string. Since your compressed size is already 210MB, it might not be a good idea to read it all as a string anyway.
In your case, maybe you can consider BigQuery commands. "%%bq" supports compressed csv (only .gz format) as data source. The following shows how to do it:
Cell 1 -- Define the data source:
%%bq datasource --name mycsv --path gs://b/o.csv.gz --compressed --format csv
schema:
- name: url
type: STRING
- name: label
type: STRING
Cell 2 -- Define the query:
%%bq query --datasources mycsv --name myquery
SELECT * FROM mycsv
Cell 3: -- run the query and save it to a DataFrame:
df = %%bq execute --query myquery --to-dataframe
In cell 2, you probably want to add some filters and select only the columns you want. Otherwise you are loading the whole file into memory, which might be too large.
Note that the commands above invokes BigQuery operations, so it requires enabling of BigQuery API in your project, and may also incur some costs.