How to choose a format based on later use
If the audio will only be listened to, MP3 is the right choice: it's compatible with virtually any device. If it will be opened in an editor — Premiere, DaVinci, Audacity, podcast editing software — WAV is preferable, since being uncompressed it withstands trimming, mixing and re-exporting without accumulated loss.
M4A is the middle option: at the same file size it offers better quality than an MP3, thanks to a more modern codec, and it's the default recording format on most phones. Its only drawback is compatibility with older software. For transcription, all three formats are equivalent: what matters is that the voice is clear, not which container it comes in.