SVG is refused by most social networks, marketplaces and document editors. WebP is smaller than JPG or PNG at similar quality and keeps transparency. SVG is at home in logos, icons and illustrations that must scale; WebP is the usual choice for images on websites.
The defaults suit most files. Under Options you can set the quality, aim for a target file size, resize the result and set the scale the vector is rendered at.
The SVG is drawn at its own width and height (taken from its viewBox if it has no size) times the scale set under Options, scaled down if that would pass 16,384 pixels a side or 64 megapixels. Scripts inside the SVG never run and files it links to are not fetched, so text in a font the SVG does not embed is drawn in a fallback font. The WebP encoder is a WebAssembly module that downloads the first time you convert to WebP and is cached afterwards.