What is M4A?
AAC audio in an MP4 container, which is what iTunes ripped to and what most podcast apps hand you. It sounds better than MP3 at the same bitrate. It's also the file that gets refused by car stereos and upload forms often enough to keep this converter busy.
What is Opus?
The best-sounding lossy codec at low bitrates by a comfortable margin, which is why it carries the audio in nearly every voice and video call you make. Royalty-free, equally good on speech and music, and usually wrapped in an Ogg container. It always runs at 48kHz internally.