Containers and codecs are different things
MP4, MOV, MKV and WebM are containers: boxes that hold tracks and describe how they line up. H.264, HEVC, VP9, AV1, AAC and Opus are codecs: the compression inside those tracks. 'Converting to MP4' can mean either putting existing tracks into a new box, which is instant and lossless, or compressing them again with a different codec, which is neither. This tool does the cheap one whenever it can. Leave the codecs on Automatic and it will keep what it can keep, and re-encode only what the target container cannot hold.
