Which preset?
480p gives the smallest files and is fine for phones and chats. 720p is the best balance for most uses. The 1080p preset keeps full HD and only compresses lightly.
Honest note about speed
Browsers run the encoder in a single thread on your CPU, so expect roughly real-time speed or slower. A 1-minute clip can take a minute or more on a laptop, longer on older phones. Keep the tab open until it finishes.