Use JPEG when you need the photo right away. The phone's camera processes it, which makes this the fastest option.
Use DNG for photos you will develop on a computer. It has the most latitude in shadows and highlights, but the file is large and you cannot post it right away.
JPEG with RAW development and Ultra HDR are shot through RAW, and the app develops the frame. The camera's noise reduction and sharpening do not go into the photo. Ultra HDR adds a gain map: on an HDR screen, highlights are brighter than in a regular JPEG. The phone's viewer shows this map starting with Android 14. On older phones the photo opens as a regular one, but you can view it in HDR in the app's media manager if the screen supports it.
HEIC and AVIF give a file noticeably smaller than a JPEG of the same quality, but older programs may not open them.
Turn on Save DNG if you want both a finished picture and the original data. The settings of each format are described in the FORMAT SETTINGS section.