If you are optimising a website, converting photographic JPGs to WebP is one of the easiest wins available. WebP typically produces files 25 to 35 percent smaller than JPG at equivalent visual quality, which directly improves page load time and Core Web Vitals. Since the source is a JPG there is no transparency to worry about.
Typically 25 to 35 percent at matched visual quality, though it depends heavily on the image. The tool reports both sizes after conversion so you can verify the saving rather than assume it.
There is some additional loss, since you are re-encoding lossy data. At quality 80 or above it is rarely visible. For the best possible result, encode WebP from an original PNG or RAW file rather than from a JPG.
Not in practice any more. WebP support is universal across current browsers. Serving a fallback is now optional rather than necessary for most audiences.
Often, yes. Serving a 4000-pixel-wide photo into a 800-pixel-wide layout wastes far more bytes than the codec choice does. Use the width and height fields alongside the format change.