No one ever tweaks that one setting even though they should, file sizes are a significantly smaller bottleneck than they were with MB hard drives and dial-up modems.
If your justification for not serving up larger .png is that not everyone has fast internet, then you should be either detecting and handling that case separately, downscaling the images, and/or serving .jpeg instead.
One time I was using Topaz AI to upscale video, and I spliced that into their ffmpeg filter and took a whole day off of a week long encode. Low hanging fruit.