Does image conversion from jpg to webp help to improve the Shopify page speed?

Shopify Partner
19 0 3

I wonder if converting the image format before uploading product images helps to improve the site speed.
As far as I know, Shopify does the image conversion automatically to webp and I could see the images are webp now(I uploaded jpg images) when I try saving any of my product images. 
Shopify converts the images anyway, so I wonder if uploading JPG files (we have over 70k products) or webp files makes any difference considering the site loading speed.
Is uploading webp images going to help to improve my Shopify site performance?

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