It is often mistaken that lossless compression is better than lossy one, but it is not. They each are used for different purposes.
You may think about how you choose whether to save an image as JPG or as PNG.
You would not want to save a photo taken with a (cell phone) camera as a PNG file of lossless compression; its file size would become too big. It is more efficient to save an image showing actual objects as a JPG file of lossy compression.
On the contrary, if you need to preserve the original quality of computer-generated graphics or documents, it is preferred to save an image as a PNG file of lossless compression.
It is not desirable to determine which one is superior between lossy and lossless compression. Depending on your purpose, you should choose between the two.
Though the GIF format uses lossless compression, the format supports only 256 different colors and because of that, it also uses a quantization process reducing the number of colors used in an image. As a result, the image quality gets poorer to some degree.
Saving an image as a WebP file of lossy compression, of course, makes a difference in image quality. However, the quality deterioration caused by the WebP format's lossy compression is hardly recognizable with human eyes. You may save an image as a WebP file of lossy compression without worrying about the image quality. Learn more
WebP has support for both lossy and lossless compression, and you should choose between the two when saving an image as a WebP file.
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