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

[yoonlaser]

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?

[kt_d]

I have observed that uploading .webp images in place of .jpeg / .png does improve page speed and the resulting performance metrics (tested using https://pagespeed.web.dev/ or lighthouse plugin which throttle via 3G). Specifically, using webp reduced the Largest Contentful Paint. By appropriately resizing images and converting to webp, I have observed LCP scores for pages change 15 --> 6. Given that this is one (of many) metrics that search engines use for ranking, it has it's benefits with but also some associated costs...