Lossy and lossless are different jobs
Lossless formats such as PNG reconstruct the original pixel for pixel. Lossy formats such as JPEG and WebP throw information away — mostly fine colour variation and high-frequency detail that human vision is poor at noticing — and reconstruct an approximation.
That is why a photograph saved as PNG can be ten times larger than the same photograph as a good WebP, and why a screenshot of text saved as JPEG looks fuzzy around the letters. Match the format to the content, not to habit.
- Photographs and complex gradients → WebP, or JPEG for maximum compatibility
- Screenshots, diagrams, logos, anything with sharp edges → PNG, or WebP lossless
- Images needing transparency → PNG or WebP; never JPEG
- Icons and simple shapes → SVG, which has no pixels to compress at all