If your flight wasn’t delayed in excess of 3 hours you aren’t entitled to compensation under the Regulation. However, you may still be entitled to receive meals or refreshments, communication facilities and possibly even hotel accommodation, depending on the length of your delay. This would need to exceed 2 hours.
If you arrived 2 hours or more later than scheduled at your final destination as a result of a flight cancellation, you may very well be entitled to compensation as the rules for cancellations are different from those for delays.