Any modern engine does this automatically on PNG import, or as part of material/shader setup. You want different formats for different things, e.g AO, normals, bcs different formats have different compression artifacts.
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It takes that long to do a good compression on the format that interpolates 2 colors for each 4x4 block? Huh.
I may have been a little off with saying seconds per texture but it’s definitely non trivial amounts of time. And ects (mobile) and BC7 are certainly still not something you want to compress to at game load-time.
Some comparisons of texture compression speeds for various formats (from 2020 but on a 12core i9): https://www.aras-p.info/blog/2020/12/08/Texture-Compression-...