WebP images are at least 20% smaller.
Windows can open WebP images after installing the WebP codec.
Open Camera added WebP support in version 1.45 (2019/01/14).
It can be set from Settings - Photo Settings - Image format - WebP.
However, from the official help page, it should be noted that:
WebP - This is an alternative (lossy) file format to JPEG. It offers smaller file sizes, but saving takes longer, and some applications may not support WebP images. Note that WebP images are generated by converting from a JPEG with 100% quality (since the Android camera API does not have native WebP output).
(Emphasis added)
There was also a remark by the developer on a discussion for "WEBP Support" back in 2016:
Unfortunately this isn't straightforward, as the camera driver will only output JPEG or (if supported) RAW. Converting from JPEG means it's already lossy (I support one could set 100% and convert, but that doesn't necessarily mean lossy AFAIK, just minimal compression). Converting from RAW could work, but requires adding support to decode/convert RAW images so is a fair bit of work (Android's RAW support is only for getting the files from the camera API, and saving them).