The biggest speed gains come from the first cuts, not the last ones. Shrinking a 500KB hero image down to 150KB removes most of the load time it was adding, while squeezing that same file from 100KB down to 50KB saves far less in absolute terms and starts costing more in visible quality. If you're working through a page full of images, spend your effort on the largest files first rather than chasing the smallest possible number on every single one.
Mobile networks make the file size difference bigger
Google's Core Web Vitals data comes from real visitors on real networks, and a large share of that traffic is on mobile connections slower and less consistent than a home wifi test would suggest. A 100KB image that loads instantly on a fast connection can still take a full second or more to arrive on a throttled mobile network, which is exactly the kind of visitor Google's field data reflects most heavily in LCP scoring.
One compressed file for every screen size wastes bandwidth
Compressing a single large hero image once and serving it to every visitor still forces a phone screen to download pixels it will never display. Pairing compression with a few resized versions at common breakpoints, rather than one image for desktop and mobile alike, cuts far more weight for mobile visitors than compression settings alone ever can. The resize for website tool covers the most common breakpoint sizes.
A small file that loads late still hurts LCP
Compression only helps if the browser starts fetching the image early. A hero image marked for lazy loading, or one loaded through a CSS background rather than a plain img tag, can delay the fetch enough to erase most of the benefit of shrinking the file in the first place. If an image is the one determining your LCP, make sure it loads eagerly rather than lazily, since timing matters just as much as size.