No... When you send a "blue bubble" photo on an iPhone the file size is around 1.5MB. When you send a "green bubble" photo I think they're resized down to less than 300KB.
Any photo larger than that won't be delivered by some carriers. Also while iMessage photos default to HEIF format - the same compression algorithm as Blue Ray videos - MMS uses JPEG which doesn't have a target file size feature. All you have is the width/height in pixels and an arbitrary "quality" scale.
To guarantee your photo will never be over 300KB you need to set the width/height/quality to a number that will often be under 100KB... and that's what Apple does.
Android has a size setting, and you'll get a delivery failure error if you set it too high for the recipient's carrier... a lot of carriers do support larger photos... But Apple doesn't bother with that - they want it to "just work". Which means 100KB for green bubble photos.
The reality is quality is always going to suffer - converting an image from HEIF to JPEG is a bad idea - it'll never look anywhere near as good as the original no matter what resolution or quality the compression is set to.
Also... iPhones don't even take ordinary photos... by default every "photo" is a short video. When you send those to another iPhone, they get the video. Green bubbles either get a still image or worse a 100KB five second video.