FLAC can absolutely store album metadata, it has very robust tagging support and can even support storage of non-standard WAV metadata.
Which version of the FLAC encoder did you use to encode your test file and what CLI instructions did you use to encode with?
1.4.0 was released just a matter of days ago, and at a standard -8 is more efficient than the previous 1.3.4 release, which was already more efficient than ALAC. And compression efficiency can still be improved even further from the standard preset compression levels, at the expense of time. For example with the use of commands such as -e -p
It stands to reason that the difference from file to file very well could be more than .3MB, but regardless even if it were only .3MB, that still adds up. More data usage when streaming, or less files you can squeeze onto that shiny new 1TB 14 Pro.
For what it’s worth, I just tested an average modern pop song as an example, 16/44.1 that I ripped directly from a CD. The FLAC encoded with -8 -e -p, and the difference between that and ALAC was .7MB. But of course this is splitting hairs and will differ from file to file based on the audio content anyway.
As for AAC - All device audio happening on the playback device has to be mixed into the audio stream - for example, sounds from another app, or phone notification sfx, etc. and this can’t happen until the AAC stream is already decoded on-device.