PSD - Original
The original image is a picture of my son from a few years ago taken with my older Canon T2i SLR camera. I've left it at its full size of 3456x5184 by disabling the RapidWeaver automatic scaling features. All images are the same dimension, the only differences are image format and compression.
Saved as a PSD with some basic color and contrast adjustments the file is 87.8MB.
However macOS Catalina also says this file is 100.9MB on disk. I honestly have no idea why. If anyone knows why some files on APFS disks in Catalina sometimes have two different sizes, please let me know.
But saved as an uncompressed PNG image the file is about 20MB. So this is the baseline that I'll use to measure all the compression.

JPEG - Low Quality - High compression
This is the format you should probably use for large photos. Setting the quality somewhere in the mid-range is usually adequate for snapshots.
JPEG - 50%
1.3MB - Squash
94% File Size Reduction

JPEG - 25%
696KB - Squash
97% File Size Reduction

JPEG - High Quality - Low compression
JPEG is the most lossy, but setting the quality at 75% or higher often changes the image so little that it's difficult to notice. But be careful, each percent increase comes at a huge cost to file sizes.
JPEG - 100%
15.9MB - Squash
21% File Size Reduction

JPEG - 75%
2.6MB - Squash
87% File Size Reduction

PNG
Although lossless, for a large photo, the file sizes are prohibitively large.
PNG - Original
19.7MB - Photoshop
This is the full size image.

PNG - Compressed
18.6MB - Squash
7% File Size Reduction

GIF
Each image is limited to only 256 colors (from a much larger pallet of colors). This often radically affects images and for this reason GIF is not really used for photos. It's really best for little animated memes.
GIF - 256 Colors
1.6MB - Photoshop
92% File Size Reduction

The limitations of GIF will affect different images differently. Pay attention to skin-tones in your images. Sometimes colors aren't chosen well and it can lead to sickly green or jaundiced people. Yuck.
GIF - 64 Colors
1.8MB - Photoshop
91% File Size Reduction

Substantial image degradation. And the file size is larger than the 256 color image. Lower quality doesn't always mean smaller size.