After a bit of research and a touch of experimentation, I have enabled ImageMagick with custom image settings on this website. This should result in better image quality for you, the visitor, at a negligible cost to display speed.
Default WordPress image settings will typically lean towards file size optimisation, making for smaller image file sizes. This is particularly important for file storage and bandwidth—smaller files take up less storage and less bandwidth, and so will load faster (meaning that web pages from a website will display quicker for visitors). But this also makes for poorer quality images; I have noticed this previously in the course of publishing this website.
In earlier days, when networking speeds were slower, smaller files were essential, otherwise a web page would just take ‘too long’ to display. These days, we have faster networking speeds and better file caching—so with the right settings, we should be able to strike a much nicer balance between image quality and file size.