Be extra careful when removing image formats here as every theme creates what is needed during install.
Regarding speeding up image generation - if you're generating your images during manual product creation the only way is to increase the speed of your server (buy better VPS/server). If you are annoyed that image creation times out/is slow during product import - simply don't create the thumbnails during the import but later in a dedicated tab while you do other work. The image section got nice rewrite by @wakabayashi but in the end it has to regenerate the files.
Also - don't use jpg, it's 2026. Switch at least to webp, avif is even better if your server/php version supports it. BEFORE you switch the image format and regenerate all images - make sure that your theme can work with the new formats. Take inspiration from Niara and see how you can pass the file extension dynamically. Backup, make the change, then regenerate all thumbnails (Images -> Reset status -> Regenerate all). This will not speed up your generation time but will speed your FO performance and speed score if you approach the quality conservatively.