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Almost half of the file is audio, so you're not saving as much.

Hopefully audio codecs will progress as well.

I noticed that too. When I tried extreme screen recording compression with AV1 audio became a noticeable part of the bottleneck.

Is opus being used for the audio or it's not the solution for extreme lossy compression?

OPUS is the default now, but there's more room. Especially with neural codecs.