Hi Rick....all sounds very reasonable. I actually haven't played with a straight out of camera jpg in years. I have shot exclusively RAW or cRAW and use LR to convert.

But, just to add to all of this is HEIF. So, just to modify your conclusion, now it is jpeg<HEIF<cRAW<RAW.

I haven't shot HEIF yet, but it is 10 bit to jpegs 8 bit. A quick comparison, if interested:

JPEG vs HEIF: Canon commits to HIF | Cameralabs