WebP is “better” than PNG and JPG
It’s not sufficient that we say WebP is “better” than PNG and JPG. The main thing is to learn the mechanics and benefits of how WebP functions. Basically when any image format is the target when compression takes place then the result will be unsatisfied because the quality might get reduced.
Mainly, PNG and JPG compression leads to lossy and degrades the quality and clarity of the image. In the case of WebP compression Google says that the adjustment of pixels and Compression Techniques are accurate.
WebP Loads faster than PNG
The WebP image format is designed for replacing the PNG image format. The reason behind the WebP image loading faster than PNG is the PNG image size is larger than WebP.
Basically, WebP provides the below advantages over PNG:
WebP offers the same transparency and quality even if the size is 26% reduced then the PNG
WebP image loads faster than PNG Image because WebP file size is smaller than PNG.
WebP Offers 35% smaller file sizes
WebP image format provides an advantage in the file size up to 35% smaller than any other image format. WebP can be considered as one of the latest image formats that help all the website owners to reduce the image size of the website by modifying the quality of the image.
For more details: https://magecomp.com/blog/6-reasons-why-you-should-need-webp-image-support-for-magento-2/