Why does saving a full page screenshot as JPEG barely shrink the file compared to PNG?

Long article captures come out as PNG from Chrome DevTools and as JPEG from Edge Web Capture. The usual advice is to convert to JPEG when the file is too big to share. On text-heavy pages the saving is almost nothing, and the text gets visibly soft.

What I tried:

Captured the same 1280 pixel wide text page twice, full page, one PNG and one JPEG at quality 80. PNG came out at 295 KB, JPEG at 282 KB. That is a 4 percent saving for a lossy format.

Zoomed both to 400 percent. The JPEG has ringing around letter edges that the PNG does not.

Dropped JPEG quality to 60. The file gets smaller but the text degrades much faster than the size falls.

Tried the same test on a page that is mostly photographs. There JPEG behaves as expected and is several times smaller.

Is there a reason JPEG performs this badly specifically on screenshots, and is there a format that actually shrinks a long text capture without visible damage?