As someone who has written sound/music mixing code for games, I will say that OGG/MP3/WAV/OPUS are effectively the same thing. You can easily convert from one to the other using FFMPEG. The only thing that matters is that the original file is high quality. Also, people often think of WAV as being uncompressed PCM, but in reality WAV can also contain compressed formats like FLAC/MP3/VORBIS. An MP3 codec is included by default in Windows (since 2000/XP) so for my engine I convert music to WAV files containing MP3 audio, then decompress using Windows ACM calls and mix in sound effects (as uncompressed WAVs) in real time. Works fine on an old Pentium III.
MIDI and tracker formats like .XM are a different beast, and these can be great for retro or console games.