Why does the “Save As” JPG at 12 (Maximum) setting produce a smaller filesize than “Export” JPG at 100% in Photoshop?
I ran both images through jpegtran after saving to losslessly compress them at progressive level, meaning that both should be standardised in terms of best possible lossless compression:
JPG (exported) at 100% = 4.33 MB
JPG (saved as) 12 (Max) = 4.15 MB
Photoshop 26.4.1 (Windows 11)