Choose a format by what you need
MP3 plays on almost every phone, car stereo and computer, so it is the usual choice for sharing. M4A and AAC are common on Apple devices. OGG and Opus give compact files for the web.
WAV, AIFF and FLAC are for editing and archiving. ToolGPT writes WAV and AIFF as 16-bit PCM, the same depth as an audio CD. FLAC keeps every detail too, in a smaller file than WAV.
Converting changes the format, not the sound. It will not make a low-quality recording sound better, and it does not change the volume.