Having a smaller file size means that Ren'Py exports faster, uploads faster and it is easier for people to download and extract. There are plenty of people that have slow internet speeds or limited data. Also having your first build be half a gigabyte looks very suspicious.
You can also convert all images to .WebP which will decrease the file size for the most part but .ogg will cut size by a huge amount.
I have two soundtracks for my FVN. One creative commons and one I made myself. Together they less than 40 megabytes since I converted them to .ogg.
I use only .wav when I am upload my music to BandCamp.