WEBP is faster BUT, it remove all the image properties like author, copyright,... The best one is Avif as it tend to keep some of the properties like copyright, rating and super lightweight image format. But I personally use JPG because I have all the properties, it can display on google image search and increase post authority, like this:
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Display Creator and author for image on google like this with JPG format, you can't have these with other formats like PNG, WEBP. In avif you have the copyright and rating, no creator.
I have 6 images in this post and 1 featured image (I marked with red line under them), google display all of them above the fold. so basically there are 21 slots for images and I have all 7 in the first view, out rank a lot other websites
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And with some compressor plugin, my image is super lightweight with JPG format, If I convert to WEBP there's not much different between them. The picture I take as example is over 1000 pixels and have only under 90kb. The key is to choose the right dimension, you don't wanna use and image with 3000x2000px dimension for nothing, choose the one that fit your website and your viewer's eyes
If your main goal is to increase page speed, you can choose WEBP, but if you optimize the JPG as good as WEBP then it pointless to switch to. My pagespeed for that post reach 100 point in desktop and 95~98 in mobile using pagespeed insight.
So my suggestion, optimize JPG, better ranking, better loading, if you don't want to spend too much time optimizing image, choose WEBP, if you want to somewhere in the middle, choose Avif