Yes, I know. It sounds like I'm bragging but don't worry. I'll share the best practices I've found to work well on optimizing even bloated sites with LiteSpeed Cache for WordPress (LSCWP). I'll even hold off on the lengthy explanations this time. How about this:
Optimizing how web pages load can definitely make more of a difference than upgrading server specs but reorganizing various types of code can get complicated so LSCWP comes set at safe defaults. I'm going to list the more aggressive options I use with some tips along the way.
I'll assume you've got page & browser caching set up and a QUIC.cloud domain key set.
Image & Page Opt list
OMGF & Clearfy
You might want to look into a fully WordPress-optimized CDN like QUIC.cloud CDN (advanced customization & private caching) or Cloudflare with Automatic Platform Optimization (no customization & only public caching) if you have an international audience or enough traffic.