What is AVIF?
Built on the AV1 video codec, and the smallest of the widely-supported image formats by a clear margin - frequently half the size of a JPG that looks the same. It handles transparency and HDR. Being new is its only real drawback: plenty of software still won't open one.
What is TGA?
Targa dates to 1984 and refuses to die, because game engines and 3D packages standardised on it for textures and never had a reason to move. It keeps an alpha channel, optionally compresses runs of identical pixels, and is simple enough that every tool reads it.