A 64x64 texture would probably gain more by using palettes over BC1 compression. But as the resolution goes higher; the compressed version will almost always win. There's no way a 2048x2048 palette texture would be better than a compressed version.Well, it would be better if it encodes for example the 16 customizable colors (in 16 shades each) that make up a character's personalized clothes, and you draw 300 characters each with individually colored clothes, only indexing into a different part of the palette for each, and they all use the exact same texture.
But... that is admittedly a very contrieved case which not a lot of people will need every day (and if they need it, they can implement it in the shader!).