Even though jpeg quality from most modern cameras is acceptable and a standard many have become accustomed to, if you only shoot jpegs you will NEVER know the full image quality, the full dynamic range, the full color range, the full resolution and the full detail that your camera and lens can capture. Just a fact.
Many dont need that ultimate image quality, dynamic range, full color range, resolution and detail possible with raw files, but also many do want all of that when they shoot. Everyone has different standards, different creative needs, different work flows that work for them .
I personally always shoot raw+jpeg; raw files to one card slot, jpegs to the other card slot. The jpegs are great for fast editing, fast on-site transmitting to media, and fast sharing online. My raw files then can be edited for the best final output of my images.
The jpegs also serve as a redundancy backup if somehow the raw files get corrupted or lost before I have a chance to back them up to an external storage device. I would never shoot any assignment without this redundancy. My clients deserve no less. It is great that we have that option nowadays in many cameras with dual card slots.
TIFF format is much less common, but you may know it if you use Photoshop. I work with TIFF files sometimes in post processing like in Topaz Denoise AI. I go from the raw file in LR to a TIFF file in Topaz Denoise AI. TIFF files are much larger than JPEGs, but they're also lossless. That means you lose no quality after saving and editing the file, no matter how many times you do it. This makes TIFF files perfect for images that require big editing jobs in Photoshop or other photo editing software.
The TIFF format offers you the truest representation of your art or photograph. It's not a practical choice for posting to the web or sharing online due to the big file size. When it comes to accurate representation, though, few other choices match up to TIFF. Some of the best high-end printing is from TIFF files.
In the end if I output my processed TIFF or processed Raw Files to a quality jpeg, that jpeg will have more image quality than the lossy-compressed jpeg from SOOC. I do file and store both my raw files and my jpegs. As a working photographer it just makes sense to save them both.
But if jpeg in-camera compressed and processed quality is all you will ever need, then use it . For me personally I didn't pay for my quality cameras and lenses, and not plan to get the most out of them whenever possible. But my needs can be quite different for yours and there is room for us all.
Cheers and best to you all.
https://www.lifewire.com/differences-between-jpeg-tiff-and-raw-493186#:~:text=RAW%20doesn't%20compress%20or,do%20the%20post%2Dprocessing%20yourself.