It does do some format conversion and have some support for compression settings (if I understand you correctly). Under the File -> Export menu you can choose between some formats [0] and when applicable choose compression level, e.g for JPEG.
[0]: On my machine: HEIC, JPEG, JPEG-2000, OpenEXR, PDF, PNG, TIFF
[0]: On my machine: HEIC, JPEG, JPEG-2000, OpenEXR, PDF, PNG, TIFF