SSE supports gzip compression, and a gzip-ed base64 is almost as small as the original jpg:
$ ls -l PXL_20210926_231226615.*
-rw-rw-r-- 1 derek derek 8322217 Feb 12 09:20 PXL_20210926_231226615.base64
-rw-rw-r-- 1 derek derek 6296892 Feb 12 09:21 PXL_20210926_231226615.base64.gz
-rw-rw-r-- 1 derek derek 6160600 Oct 3 15:31 PXL_20210926_231226615.jpg