Depends on your data, but there are two major contenders for that title: 7z (with solid mode off) and zpaq. You will probably get slightly better compression on zpaq, but it's not widely known.
this post was submitted on 18 Nov 2023
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I tried with zpaq but it told ne that archive type did not support partial extraction
It's dependent on dataset. I would suggest 7z and simply uncheck "solid archive". There is info here on running a test to find the best compression: Link
You may want to look into filesystem compression. As it will be much easier to implement and may suit your needs.
That is kind of inconsequential as you can always compress the files individually if you wish and then make a tar with all of them together.
The question is what files you have, based on that various algorithms would do better or worse. And of course not doing solid archives would add a penalty to most algorithms if the files are somehow similar.
images and videos
mostly jpg png mp4 webm
These formats are generally not very compressible by general purpose compression algorithms, as they are already compressed formats themselves, each with a compression algorithm specially tailored to their content type.
Tar.
Mostly not joking here -- the image and video formats you list are already heavily compressed. You'll be lucky to get even 1% compression from any format, so you might as well just package them up in an uncompressed archive format.