Good point, you can set the file size limit which should help however it would be great if there was a way to run some form of image optimisation as well.
You can create new image sizes to use with this function: https://developer.wordpress.org/reference/functions/add_image_size/ (Images with the same ratio of height/width with be automatically included in the srcset for <img> elements generated w/ WordPress’s internal functions).
In my experience, a combination of these things and good responsive images practices w/ srcset and sizes attributes will help make sure browsers only download images as large as they need, not larger.