HEIC and AVIF both grew out of video codec technology rather than being built from scratch as photo formats. HEIC is based on HEVC, AVIF on AV1, and the two codecs share a lot of the same compression thinking. That means converting between them isn't the dramatic size overhaul you'd get going from an old format like BMP or GIF, since HEIC was already fairly efficient to begin with.
The problem HEIC has was never file size
What HEIC actually struggles with is support, not compression. Most software outside Apple's own ecosystem, plenty of Android phones, and a long list of upload portals still can't open a HEIC file directly. Converting to AVIF trades a format built around one ecosystem for one with near universal browser support, so the real win here is compatibility. The file might shrink a little further, but don't expect the same dramatic drop you'd see converting a much older format.
Where the HDR data can actually go
Photos shot with an iPhone's Smart HDR carry extra brightness and color range beyond what standard 8-bit JPEG can store, so converting an HDR HEIC straight to JPEG throws that extra range away. AVIF supports higher bit depth output and can retain more of that dynamic range than JPEG, which matters most for sunsets, backlit portraits, and anything shot in high contrast light.
Live Photos and burst shots only bring their still frame
A HEIC file from a Live Photo or portrait mode shot can bundle depth data or reference a short video clip alongside the still image. This tool, like sharing a Live Photo outside Apple's own apps, only carries over the primary still frame. If you need the moving portion of a Live Photo, export that separately from the Photos app before converting the still image here.