I still encode to plain old 128k mp3. Here's why ...
First, I keep the WAV originals and those are what I listen to on my music system, in my music server, etc.
Second, if I am using the mp3s it is because I am going to some unknown place to interface with some unknown tool to play these - let's just make life simple and use something that will work everywhere - even the dumb creative audio bluetooth adapter that was in that airbnb that one time ...
Finally, 128k mp3 is typically a 10:1 compression ratio and makes size and space "budgeting" easy. It's easy to remember.
One other thing:
When I export my ripped CD wav collection to mp3 I also compress the filenames - I flatten to ASCII 256 and truncate the filenames to 64 characters, etc. LOTS of car audio interfaces just puke when they hit weird unicode characters or can't display long filenames ... it creates all manner of havoc.