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Re:We analyzed 425k favicons by lmm on Wednesday October 20, 2021 @08:38PM (#28938780)
PNG basically includes gzip in the file format, so you're not reducing the amount of CPU used, you're just moving where it happens.
Re:We analyzed 425k favicons by giantrobot on Wednesday October 20, 2021 @11:46PM (#28939971)
Includes but doesn't always use. PNG also includes filters which can dramatically decrease sizes, especially when combined with compression.

That's why tools like OptiPng basically brute force all the combination of options. Depending on the image content different combinations of filters and compression will get the best file size.