Minor niggle: the ‘deep fried effect’ isn’t because jpg throws away information every time, it’s because the compression algorithm averages pixel boundaries, and that averaging multiplies with each compression pass.
It can actually bloat the size of the file by adding information – adding data to previously null pixels, whereas png would keep them clean.
e: it achieves this through pixel averaging (fuzzing), which is why you’ll see grey artefacts bleeding into the pixels around line art. This is magnified with each compression.
(I accidentally responded to the wrong comment before.)
Yes, that’s exactly right.