This article introduces a novel fluid–solid interaction (FSI) method designed for high-speed flow scenarios, which addresses the intricate interactions between viscous compressible fluids and elastic solids. The proposed method, grounded in the finite volume method, balances computational efficiency and stability while accurately capturing fluid dynamics and structural elasticity. Validation against experimental and numerical data from previous studies confirmed the algorithm's effectiveness. The validated FSI model is applied to study drag reduction in elastic spikes with lateral jets under hypersonic conditions, highlighting significant changes in flow characteristics due to structural deformation and lateral jets. The study extensively examined the effects of jet total pressure, jet orifice position, and spike material density on drag reduction, deformation, and flow field characteristics. Key findings include the influence of compressible FSI on temperature, pressure, and drag distribution, the benefits of increased jet pressure ratio for thermal protection, the impact of jet position on flow characteristics, and the relationship between spike deformation and material density. This study offers valuable perspectives and effective strategies for structure design and minimizing aerodynamic resistance in superspeed fluid situations. Nevertheless, there are still obstacles to overcome, such as non-linear deformation, thermal coupling, and computational precision, highlighting the necessity for further enhancement of FSI techniques.