Since Apple doesn’t allow HEIF/HEVC separation between photo and video, use high efficiency so that you have all camera features available. You can’t use 4K 60, Dolby vision recording, or cinematic 4K without having it set to heic/hevc.

I personally go for JPEG because I like the easier interoperability with my Windows laptop.

In settings - camera : high efficiency
In settings - photos : auto for transfer, that way you'll have a file usable on your Mac or pc and not a HEIF file

you can just select “most compatible” for jpeg photos, and selecting 4k60/hdr enables high efficiency just for video

https://www.windowscentral.com/how-open-heic-and-hevc-files-windows-10s-photos-app

this will affect video too - can be long transcoding times from HEVC to not a HEVC file! pick your poison carefully

Install the free HEIF plugin from the windows App Store and that won’t be an issue