Earlier quoted context omitted.
It's the same situation with VP9. It's supposed to be a competitor to HEVC, but in reality lack of serious psychovisual optimizations in any of the publicly available encoders make it at best on par with x264 compression-wise, while being significantly more computationally expensive. Its only appeal is that it's royalty-free, but since all devices that support VP9 decoding also support h.264, is it really worth it?
Using VP9 recently has really made me appreciate how great x264 is both in terms of quality and speed.
MP3 is competitive with AAC and far more compatible, if you use LAME. Same with JPEG and WebP, or x264 and VP9. All 3 of those encoders deliver higher quality AND better encoding speed than their competitors.
Switch encoders before you switch formats.