We advise clients to try to always embed their audios as BOTH an MP3 and WAV as a matter of Best Practice. You will find that the different purposes that you use your audios for, like radio submission, synch licensing, distribution, website, social media, copyright registration, etc. call for one version or the other. It pays to have your files ready in whatever format a given use of the audios may demand.
Videos are normally embedded in the MP4 format.