The other petals cover what usually comes next. PNG, WebP and PDF are other formats. Smaller limits the photo to 1920 pixels on its long side, ready to send. Text reads the words in the image and saves them as a .txt file. Cut Out removes the background and gives you a PNG. Edit lets you crop, annotate, hide personal information and adjust the light.
Drop several files at once and each one is converted. Several images can also become a single PDF. An image with a transparent background sent to JPG is placed on white.
One difference from the Finder is worth knowing. The converted file doesn't carry over the EXIF data or the GPS location, so a photo you share doesn't say where it was taken. When you want to keep that information, use the Quick Action with Preserve Metadata checked.
Convert also handles videos and sounds. It turns a video into MP4, makes it lighter and can cut it, which helps with the .mov file you get from a screen recording on Mac.