Ogg does not play on iPhones, in iTunes or on many hardware players. FLAC keeps full quality at about half the size of WAV. OGG is at home in royalty-free audio in games and on the web; FLAC is the usual choice for archiving music at full quality. FLAC cannot bring back detail that OGG compression already removed; it simply stores the result without further loss, in a larger file.
The defaults suit most files. Under Options you can 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.