It seems to me that "Preview Quality" setting within Catalog Settings impacts both Standard previews and 1:1 previews. The low/medium/high setting has a very noticeable difference on the quality of 1:1 previews, and standard previews when set to "High Quality" take up about 5x more storage than standard previews when it is on "Low Quality".
I use 1:1 previews to cull through my photos, and again to review every photo after making develop module edits before I export them, so I need the 1:1 previews to be the highest quality possible. However I don't care about the quality of the standard previews for every image in my catalog, and even with standard previews set to the lowest pixel size option, my previews file on my computer is still massive because I need to have the "Preview Quality" setting on High. I need my 1:1 previews to be the highest quality, but I wish there was an option for me to separately set the quality of standard previews to low in order to reduce the the storage that the previews file takes up on my computer.
I'm running LRC 12.2.1 on an apple silicon mac and this option is not available to my knowledge.