Not really.
JPEG is a lossy compression format. It loses information to reduce filesize.
PNG is a lossless compressed format. It serves as a well-rounded format for general purpose image compression without the loss of information. The downside is the image can be much large in file size.
SVG is a vector graphic, as you seem to be aware. These files have what is effectively infinite resolution, but can be significantly larger in filesize, depending on the circumstances.
WEBP is a more efficient lossless compression format. It is analogous to PNG, but smaller file size. Additionally, as you stated, it can also be used for animated graphics,like GIF formats.
I think WEBP is a decent format and is significantly more modern than PNG. That being said, however, the main issue is the lack of modern integration and adaptation for newer image formats.
Personally, I use whatever. The only exception is when 8 need to store images on github in a repository. Then, I will typically convert to webp and optimise the image to reduce the file size as much as possible.
Yeah, JPEG uses a convolution to effectively average the values. I think there are other ways, though I cannot remember the context or file format, which use some interesting concepts from linear algebra. I recall a professor telling me about using singular value decomposition in the process. But that’s a different topic.
I didn’t know WEBP also supports lossy compression. That makes it even more flexible.