JPG saves space by throwing away detail the eye is unlikely to miss. The quality slider decides how much it discards. At 100 it keeps almost everything and the files are large. At 40 it discards a lot and the files are small, but you start to see the cost.
Somewhere around 80 to 90 is where most people land, because the image still looks like the original while the file is a fraction of the size. Below about 60, JPG starts leaving faint smudges around sharp edges, which shows up first on black text against white paper.
The loss is permanent. Once a page is saved at low quality, converting it again at a higher setting cannot bring the detail back, because it is no longer in the file. If you are unsure, convert at a higher quality first. You can always make a smaller copy later.
If the page is mostly text, charts, or line art and you want perfectly crisp edges with no smudging at all, use the PDF to PNG converter instead. PNG keeps every pixel exactly as drawn, at the cost of a larger file.