BMP does not compress image, therefore the filesize is the largest and take long to download, so these days people do not use it for webpage.
JPG support lossy compression to remove color to make smaller filesize, with same quality of real photo image the filesize is smaller compare to PNG.
PNG only use lossless compression therefore it is not reducing quality (colors), if an image has not many colors then PNG image filesize is smaller than JPG image filesize.
WebP support both lossy (from 1% to 99%) and lossless compression (100%), it is a newer image format that has smaller filesize compare to JPG and PNG with the same quality, these days many webpages are using WebP.
Vector image (SVG) can be displayed in this tool only if it has "width" and "height" in main svg tag.
Brief summary of some images (not complete list) used/supported by web browsers (Google Chrome, Firefox, Microsoft Edge, Apple Safari).