Resolution, bitrate and what actually controls file size
Two things decide how big a video file is: how many pixels it has to describe, and how many bits it is allowed to spend describing them. Resolution sets the first, the quality setting sets the second, and neither on its own is 'compression'. Halving the width and height quarters the pixels, which usually cuts the file to roughly a third once the encoder has done its work. Dropping the quality one step at the same resolution can do as much with no visible change on a phone screen. Try the resolution first, because a smaller frame that is well encoded beats a large frame that is starved of bits.
