Will that work for redistribution? I hope that users could save and re-share the photo many times and let it still be loadable.
If saving and sharing can mean changing the image dimensions however, you of course need redundancy by that factor.
But yeah, that’s why we don’t choose lossy compression algorithms for binary data. If every bit counts, there is no entropy you can lose (though a lossless algorithm might find a more efficient representation, so to speak).
Lossy compression removes information by design, you want to keep all bits of information, therefore you have to represent your information in a redundant (and therefore inefficient, by density) way.