AVIF is the smallest of these formats by a wide margin, often half of WebP for the same appearance, and it keeps a transparent background. For a picture that will be served to many people, the saving is real bandwidth and a faster page.
What the change costs
Encoding is slow. A large picture takes seconds in the browser rather than an instant, because the format works harder to get small. Support is good in current browsers and absent in old ones.
When to do something else
Do not use AVIF for a file you are sending to a person rather than serving from a page. Many programs still do not open it. WebP is the safer small format.