The difference between a Jpeg and a Raw file is as the name suggests for a Raw file, it is the original primary capture with all information attached, data like lens, distance, and aperture, while a Jpg is a compressed version of that where its much less information therefore much easier to work with.
The Raw file is much bigger than a Jpeg file.
Raw files can be changed to Jpegs, after all Jpegs were originally Raw files. In order to change it you must export it through a software. An example of export would be through the ‘file’ option in photoshop 2023.
If you were to be shooting an important event, the best choice would be a Raw file. This is because for reasons like credit and being able to replicate the information used, a Raw file can be used and always compressed later into a Jpeg.