Is it a good idea to convert images to WebP or AVIF?

When I ran Google's Page Speed Insights test, one of the first things I saw was a message that advised me to convert images to WebP or AVIF.

On face value, it seems like the wise choice as these are apparently the next generation of images. That said, is that really the case. As someone reading this, is this something you've done? Has it given you a better load page as a result of doing so?