Sample accurate editing is with AAC is a pain though. Especially if you also have video, because frame rates are usually incompatible.

If you want flexibility without fully transcoding both audio and video, Opus is your friend

Opus is your friend as long as the software you’re using supports it—besides, Apple’s AAC-LC can beat out Opus in low bitrates scenarios.

Whether you like it or not, AAC is still the standard.