The size saving, and what it costs
JPEG discards detail to compress, which makes photographs dramatically smaller than PNG at quality that is hard to tell apart.
PNG records every pixel exactly, which is wasteful for a photograph where millions of subtly different colours are exactly what lossy compression handles well. A screenshot of a photo saved as PNG can easily be five or ten times larger than the same picture as a good JPEG. The conversion here uses a high quality setting, so on photographic content the difference is usually invisible at normal viewing size.