That does not seem a meaningful statement. Information, and by far most of it, is necessarily discarded. The creative task of the photographer is in deciding what is to be discarded (both at shooting time and at editing time) and shaping the remaining data to make the optimal use of the available display space. Various ways of competing dynamic range is often part of this process.
> like a compressor in audio production
Audio is a decent analogy and an illustration of why it is a subjective and creative process. You don’t want to just naively compress everything into a wall of illegible sound, you want to make some things pop at the expense of other things, which is a similar task in photography. Like with photography, you must lose a lot of information at it, because if you preserve all the finest details no one would be able to hear much in real-life circumstances.
Gamma encoding, which has been around since the earliest CRTs was a very basic solution to this fact. Nowadays it's silly for any high-dynamic image recording format to not encode data in a log format. Because it's so much more representative of human vision.
demosaicing is a first point of loss of data (there is a tiling of monochrome small sensors, you reconstruct color from little bunches with various algorithms)
there is also a mapping to a color space of your choosing (probably mentioned in the op video, i apologize for i have not watched yet...). sensor color space do not need to match that rendered color space...
note of interest being that sensors actually capture some infrared light (modulo physical filters to remove that). so yeah if you count that as color, it gets removed. (infrared photography is super cool!)
then there is denoising/sharpening etc. that mess with your image.
there might be more stuff i am not aware of too. i have very limited knowledge of the domain...
In a typical scene shot with existing light outdoors it is probably 98%+.
Luckily, it turns out relatively few people need to record random noise, so when we lower the data rate by 99% we get away with it.
2. Your second paragraph is a misunderstanding. Unless you really screw up shooting settings, it is not random noise but pretty usefully scene data available for mapping to narrow display space in whatever way you see fit.
Only random noise is incompressible, so realistic scenes allow compression rates over 100X without a 100X quality loss.
Also, noise is desirable. Even if you magically can discern on the fly at 30 or 60 fps, and at 5 gigabit/second, what is noise and what is fine details and texture in a real scene, which is technically impossible (remember, it is a creative task because you cannot automatically determine even neutral grey), eliminating noise would result in a fake-ish washed look.
So you have to decide whether to lose the darker parts of the image or the brighter parts of the image you’re capturing. Either way, you’re losing information.
(In reality we’re all kind of right)
Camera sensor can get <1% of what we can see, any display media (whether paper or screen, SDR or HDR, etc.) can show <1% of what camera sensor can get.
(That 1% figure is very rough, it will vary by scene conditions, but it is not very off.)
Add to that, what each of us sees is always subjective and depends on our preceding experience as well as shared cultural baggage.
As a result, it is a creative task. We selectively amplify and suppress aspects of raw data according to what the display space fits, what we think should be seen, what our audience would be expecting to see.
People in this thread claiming there to be some objective standard reference process for compressing/discarding extra data for display space completely miss the fundamental aspect of perception. There is no reference process for even a basic task of determining what counts as neutral grey.
(As a bonus point, think how as more and more of our visual input from the youngest ages comes from looking at bland JPEGs on shining rectangles with tiny dynamic ranges this shapes our common perception of reality, makes it less subjective and more universal. Compare with how before photography we really did not have any equivalent of some “standard”—not really, but we mistake it for such—representation of reality we must all adhere to.)
There are technical limitations, but my point is that the process is inherently subjective; there is no way by which you can capture light from a scene and purely automatically obtain some sort of reference objective representation of it in the narrow display space.