Which format to pick, based on what happens next
If the audio is going to be listened to and that's it, MP3 and stop thinking about it: everything plays it, from a fifteen-year-old car stereo to a web player. If it's headed for an editor — Premiere, DaVinci, Audacity, a podcast tool — take WAV: it isn't compressed, so you can cut it, mix it and export it again without every step leaving a mark.
M4A is the middle option almost nobody picks and almost always wins: at the same size it sounds better than MP3 because the codec is twenty years newer, and it's what phones record. Its only downside is the usual one — some older software chokes on it. For a transcript any of the three is plenty; what matters there is that the voice is audible, not the container.