FLAC is ideal for an archive and awkward everywhere else: Apple Music will not import it, many car stereos skip it and the files fill a phone quickly. MP3 trades the inaudible part of the signal for files a fraction of the size. Keep the FLAC files as your masters; you can always make new MP3s from them.
The defaults suit most files. Under Options you can choose the bitrate and trim the start and end.
The conversion uses your browser's own video and audio codecs (WebCodecs), with hardware acceleration where the device has it; the file is read from disk as it goes and can be up to 2 GB. Where the browser lacks a codec, the page falls back to the compatibility engine. MP3 is written at 192 kbps unless you choose another bitrate.