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just tried it (https://flameshot.org/ ) - looks like a cool tool. It is FOSS and seems to do a great job at providing some extra screenshot functionality with an easy to use UI
But this did prompt me to do some searching, and I see https://pngquant.org/ which seems to achieve jpeg like size reduction while maintaining the file as a png. One difference they note is that this method will typically preserve sharp edges better than jpeg (which is probably a strong plus for my type of use case)
I have had good experiences with https://github.com/shssoichiro/oxipng . Although, I suspect this wouldn't give you nearly enough space savings as jpg.