This is a really nice walkthrough of matching trade offs to acceptable distortions for a known signal type. Even if you’re selecting rather than designing a codec, it’s a great process to follow.

For those interesting in the ultra low latency space (where you’re willing to trade a bit of bandwidth to gain quality and minimise latency), VSF have a pretty good wrap up of other common options and what they each optimise for: https://static.vsf.tv/download/technical_recommendations/VSF...