In Buddhism and all other religions, the highest aim is to liberate oneself from the phenomenal world to achieve enlightenment (or become One with God).
Creating reality through thoughts hinders the enlightenment process, because in enlightenment, not one thought or emotion can arise. Meditation achieves this purpose. Once any thought or emotion is created, you create karma which would then bind you to this phenomenal world. This karma can be good or bad, it does not matter.
Zen Buddhist monks aiming for enlightenment often transmit their accumulated good karma, or blessings, to everybody in this world so that they don't have any good karma to hinder their spiritual progress.
In Buddhism, karma is created through one's actions, words and thoughts. Therefore, subjective reality doesn't contradict Buddhist theories at all.
Compassion is an emotion. That is why Guan Yin, the Bodhisattva of Compassion, is reborn many times in this world to save human beings from suffering.
I think Jesus Christ may also have been born due to his compassion.