Earlier quoted context omitted.
For that much functionality 98kb is hardly bloated at all by modern standards, impressively slight in fact, it could probably cope with some more. Unless part of your fun is keeping it so very trim, of course!
Yes, it's part of the fun. Original version was 65kb (with just the single editor mode and all the filters, mp3/wav export etc). But then having to add flac codec, tempo estimators and finally the multitrack mode, made it closer to 100. When I started developing I was a little frustrated with how bloated the web felt back then so I took that direction, it's much better today though and it's no longer an issue, but I…
That said the web offers such great techniques to maintain this. Passive loading of plugins for example could keep things snappy and light and load things when you need them.
If you want the perspective of a prospective long term user: I'd be very comfortable using your app even at tens of megabytes. You could probably keep your initial load pretty light but pull in larger modules as needed. There are certain effects and audio layering I often use in Audacity that would keep me there, but your modern interface and browser access are huge selling points. If your vision includes moving to a bigger editor I guarantee you you'll find a huge base who wouldn't even notice megabytes of code.