Converting mp4 file size/resolution

[jerryskids]

I tried to follow this tutorial to change a 1920x1080 to 1280x720. It says "In the Video codec tab, choose Encoding parameters. Adjust the codec, bitrate, quality, frame rate, and click Save."
Under the "Video Codec" tab the only options for changing the "Resolution" are percentages: 0.75, 0.50, 0.25, etc.
I didn't know how to what parameters to adjust the bitrate or frame rate to.
I adjusted the Resolution to 0.75% and the converted file size came out to 50% of the original size (1303 MB to 583 MB).
I opened the converted file in GSPOT and the Qf (Frame Quality) changed from .129 (original) to .059 (converted) and Bitrate changed from 8007 kbps to 3636 kbps. And the Resolution didn't change from the original (1920x1080).
Is the converted Frame Quality (and Bitrate) too low and does it have any effect on the quality of the video? (I don't see any quality difference in the converted video - it looks like the original.)
How should I set the parameters (bitrate, frame rate) correctly?

https://www.capcut.com/resource/vlc-compress-video