I can already think of all the people that are going to ask me to try that -- so I just want to share my result so everyone can test and try on its own.
I'm working with this particular client since 2019, and the steps I followed are as below:
Converted bulk to WebP all my product images (roughly 1,200), regenerated all my thumbnail sizes and cleared the cache.
Before, I checked in Lighthouse on mobile that the LCP of the product page was 3.9 seconds.
After all the changes, the new LCP of the same product page is now 2.1 seconds.
I only tested the product page so far, so this is what I have done so far.
Again, the result is amazing and unexpected since it's done with few steps...