The spring can be compressed enough to remove the top mount whilst the car is jacked......bit more tricky getting the spring off.

Much easier to do with the drop link detached from the strutt.....in fact this is a must really otherwise the opposing mcpherson is fighting you. Detach the strutt retaining plate (under the bonnet) and lossen the top mount retaining nut (these are easier to do before the vehicle is jacked). Jack it up and pop the wheel off and the strutt will drop and you can compress the spring. Remove the top mount retaining nut and off comes the top mount....fit new parts and re-assemble. Retighten the top mount retaining nut once the weight is back on the front end (again its easier) before fitting the retaining plate and nut.
I have seen it done where the wheel is removed and blocks of wood placed under the ball joint, the weight of the car is then applied to compress the spring and the spring compressors attached. Jack the car up again and you can remove the retaining nut for the top mount. Only slightly quicker in reality and more fiddly.
Your choice on if you want to change the rubber and will be dependent on if it has been spinning and wearing due to the bearing failure.