With the very latest cameras you would also be able to use h.265/+
Different CODECS use different compression algorithms; some might be more suitable for certain areas/applications/activity within a scene.
The best thing to do is to verify your selected CODEC for yourself, in your scenario - and to make sure that its performance meets your requirements.
Record some video evidence over a 24hr period, play it back, and make sure you are happy with it.
The CODECs use more compression (to save network bandwidth & storage space) in this order:
MJPEG
MPEG4
h.264
h.264+
h.265 (HikVision effectively skipped this step)
h.265+ (HikVision introduced this CODEC with their 2017 Pro range called EasyIP 3.0)
[To the best of my current understanding the only prior cameras which may get h.265+ added by way of new firmware are a few suffix 'DE' PTZs]
The NVR should push the stream setting to the camera, once you've selected it on the NVR (I think this is the case however the camera is connected, but definitely if it is plug 'n' play / powered by the NVR).