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There is also a new experimental Fast Lossless mode in JPEG XL as well, but it was developed after this post was written
https://github.com/libjxl/libjxl/tree/main/experimental/fast...
I guess this would be a good time to plug a small project I worked on: https://github.com/rben01/collagen . I got tired of seeing how crappy text looked when placed on a JPEG (due to the compression artifacts) and how large some PNGs were because they had a small JPEG-like area, so I made a little CLI program that solves that problem. Rather than settle on any particular image format, it allows the user to provide a collection of inputs -- images (in any format your browser supports), SVGs, shapes, text -- and bundles them into a single SVG file (it base64 encodes the images). So if you want to scale a PNG and place it on top of a JPG, you... just do that, with SVG transforms and whatnot. It produces a single file and is a lot easier than writing out the SVG yourself, and is nearly as easy as opening up a tailor-made mage editor and doing it there. And it's really, truly lossless, as it doesn't touch any of the input data.
In case you're interested, here's a permissively licensed server-side implementation of the protocol, including all major codecs, in C: https://github.com/any1/neatvnc