This is the command I use to convert to x265 video
Recently it converted a 964mb video to 17.2mb, x265 looks the best in my opinion.
To convert to x264 the command is different and the same file shrunk to 23.9mb
It really depends on the type of video you're converting on how it looks after.
The video was 8 minutes and on my AMD 8 core, it took 7 minutes to convert to x265 and
5 minutes to convert to x264
ffmpeg -i fireworks.mp4 -c:v libx265 -force_key_frames "expr:gte(t,n_forced*5)" -x265-params crf=28 -x265-params log-level=none -c:a ac3 -b:a 192k -preset ultrafast -strict experimental -loglevel fatal -stats fireworks-x265-ultrafast-ac3.mp4
Hope this helps