What a JPG file actually is
JPEG has been the default photographic format since 1992. It divides the image into 8×8 blocks and discards the high-frequency detail within each one, which is why it compresses photographs so well and why hard edges and flat colour — screenshots, logos, text — pick up the smeared halos known as ringing artifacts.
Almost every camera, scanner and non-Apple phone writes JPG, and it is what a website will hand you when you save an image. If a file came from somewhere and you have no idea what produced it, JPG is the safe bet.
What you get from WebP
WebP output uses lossy compression with a quality control, but unlike JPEG it can keep an alpha channel at the same time — one format for photographs and for graphics with transparency.
Every current browser reads WebP; Safari joined in version 14 in 2020, which was the last real holdout. Desktop applications are patchier, so it is a format to publish in rather than to archive in.
What changes when you convert JPG to WebP
Both formats are lossy, so this is a re-encode rather than a copy: the JPG is decoded to pixels and those pixels are compressed again as WebP. Detail the original already discarded cannot come back, and the second pass removes a little more. One generation at a sensible quality is not something you will notice, and WebP's efficiency means the result usually lands close to or below the original's size — a rare case where re-encoding does not cost you space.
There is no transparency to preserve — JPG files do not carry an alpha channel, so every pixel is opaque to begin with. Converting to a format that supports transparency does not create any; it only means you could add it later in an editor.