Audio formats solve different problems. For an editable master, preserving information is usually more important than a small file. For publishing and sharing, size and compatibility may matter more.
Keep an editable source copy
WAV commonly stores uncompressed PCM audio and is useful for editing or archival transfers. The exact bit depth, sample rate and channel arrangement determine its size and compatibility.
If your source was already compressed, exporting it to WAV does not recreate missing audio information. It does, however, avoid another lossy encoding step while you continue editing.
Match delivery format to the audience
MP3 is broadly supported and often useful for distributing spoken-word and music previews. OGG commonly contains Vorbis or Opus audio but does not have uniform support in every application. A recording exported as WebM may contain Opus audio.
Test files in the intended destination. A browser may decode a codec that a hardware player or older editing application cannot open.
Keep technical settings meaningful
Increasing sample rate or bitrate on an already limited source does not create missing detail. Choose settings supported by the original material and the delivery platform, then listen to the actual export.
Name files clearly and separate working masters from compressed sharing copies. If you distribute copyrighted work, make sure you hold or have the relevant rights.