CF Images to replace imagify?

we have Imagify on our woocommerce site to optimize images etc., but now that we have Cloudflare “Images” for image delivery, do we still need Imagify for image optimization or does CF image service take care of this optimization task and deliver the images in an optimised manner?

if yes it does replace Imagify, Does it serve Webp Formats?

Images do optimizations/resizing and it does produce webp.

Note: resizing options and format limitations are inherited from image-resizing product

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