No second round of compression
The image goes into the PDF as the same pixels. Nothing turns into JPEG on the way, so small text and thin lines stay crisp, with no grey halo around letters. In our test a 2880 × 1800 Retina screenshot of a documentation page, 821 KB as a PNG, made a 599 KB PDF: identical pixels, packed a little tighter. A 25 KB app logo gave a 26 KB file.