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JPEG XL: How It Started, How It’s Going
(cloudinary.com)
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this post was submitted on 23 Jul 2023
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With effort level 7 you should be getting images roughly 2/3's of the size of the original PNG on average (assuming the PNG is already properly optimized). I would try again with at least effort levels 3, 4, 5, and 7. Also consider that PNGs need very expensive CPU time to properly compress them, using a tool like oxipng.
What sort of balance are you looking for with regards to filesize and encode time? At the very least, effort levels 1 through 3 will probably still give you better results than PNG while being ridiculously quick, so there shouldn't be any configuration where PNG is a better choice than JXL with regards to speed.