JPEG- is smaller file size because of the compressed image detail/quality.
HEIF- are smaller than JPEGs yet offer similar or even increased quality.
TIFF -are they are usually uncompressed and take up a lot of space, but they are a lot clearer.
RAW- Stores all info originally captured by the camera, it is similar to TIFFs, but it cannot be displayed on browsers, you’ll need a special processing software.
DNG conversion does add another step in your post-processing workflow
PNG -they are compressed resulting in the loss of detail for viewing and editing, but don’t require much space even for the higher quality ones.
GIF -they have little image quality but are mainly made for small animations.
BMP-is another lossless file format it was invented by initially for use on the Windows platform
PSD- is flattened This essentially merges all of the layers and it is mainly used for saved photoshop files and projects and open the app.