I would not compress hero images into mush to win Core Web Vitals points. Speed matters because buyers are impatient. Product truth matters because buyers return stuff.
Workflow
Audit LCP element per template.
Serve WebP or AVIF with fallbacks.
Resize to displayed dimensions.
Lazy-load below fold only.
Tools help
Squoosh, Sharp, CDN transforms, build plugins.
Measure field data in Search Console.
Compress for humans first, scores second.