WAV files are about ten times larger than an MP3 of the same recording. AAC is more efficient than MP3 at the same bitrate. WAV is at home in recording, editing and mastering; AAC is the usual choice for efficient audio for streaming and video soundtracks. AAC is lossy, so keep the WAV original if you may need full quality later.
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. AAC is written at 192 kbps unless you choose another bitrate.