I would compress it all, and then selectively recompress at higher compression levels depending on the link, read frequency, diversity and capabilities of the clients.

Zstd 3 to 5 is nearly free in terms of not bottlenecking disk or network. Zstd 12 to 19 gives amazing compression results and still result in speedups when reading from disk. It really is a wonderful all purpose compressor.

One of the nice things about Zstd is if you try to compress an already compressed stream, it short circuits. So even if you are given say HVEC MP4 and run zstd -19 on it, it will "compress" immediately and not DOS your pipeline.

It has mostly become my go-to as well. Just wish it wasn't a Facebook product.