AVIF image pros and cons

Gregory John, in his presentation “SEO Deep Dive: Enhance Your Bubble App’s Search Rank” at Bubblecon 2024 suggested converting images in an app to AVIF format (https://youtu.be/M_dcdBAzaWI?si=9GG1po-a1IYdMF_W&t=1392).

I tried this, converting the JPG files on my index page to AVIF. My 29.4 KB image became 5.8 KB. My 13.4 KB image meant for mobile users shrunk to 3.2 KB. I could be imagining it, but my page does seem to open slightly more quickly.

Are there any disadvantages to AVIF files that I should know about before I make the app live? For example, are there any browsers that are not compatible with AVIF yet?

If you switched to AVIF images, did you notice any performance improvements or not?