Can I optimize my webpack config so my production file size gets reduced even more? - reactjs

Question

I have spent days getting to my current Webpack configuration setup.
When Webpack runs the build, the file size of my minified output file "react_customer.uniqueid.js" ends up being 2.53 MB, I would be satisfied if the file size would be under 1 MB.
Here is a visualization of the bundled JavaScript.
Could this setup be optimized further so the file size gets reduced?
const path = require("path");
const HtmlWebpackPlugin = require("html-webpack-plugin");
const nodeExternals = require("webpack-node-externals");
const MiniCssExtractPlugin = require("mini-css-extract-plugin");
const TerserPlugin = require("terser-webpack-plugin");
const BundleAnalyzerPlugin = require("webpack-bundle-analyzer").BundleAnalyzerPlugin;
const { EnvironmentPlugin } = require("webpack");
module.exports = {
mode: "production",
entry: {
react_customer: path.resolve(__dirname, "react-customer/index.js"),
react_admin: path.resolve(__dirname, "react-admin/index.js"),
},
output: {
path: path.resolve(__dirname, "production-build"),
filename: "[name].[contenthash].js",
assetModuleFilename: "[name][ext]",
clean: true,
publicPath: "/",
},
//externals: [nodeExternals()],
optimization: {
minimize: true,
minimizer: [
new TerserPlugin({
minify: TerserPlugin.uglifyJsMinify,
// `terserOptions` options will be passed to `uglify-js`
// Link to options - https://github.com/mishoo/UglifyJS#minify-options
terserOptions: {},
}),
],
},
module: {
rules: [
{
test: /\.css$/,
use: [MiniCssExtractPlugin.loader, /*"style-loader",*/ "css-loader"],
},
{ test: /\.(svg|ico|png|webp|jpg|gif|jpeg)$/, type: "asset/resource" },
{
test: /\.(js|jsx)$/,
exclude: /node_modules/,
use: {
loader: "babel-loader",
options: {
presets: [
["#babel/preset-env", { modules: false }],
["#babel/preset-react", { runtime: "automatic" }],
],
},
},
},
{
test: /\.s[ac]ss$/i,
use: [
// Creates `style` nodes from JS strings
//"style-loader",
MiniCssExtractPlugin.loader,
// Translates CSS into CommonJS
"css-loader",
// Compiles Sass to CSS
"sass-loader",
],
},
],
},
plugins: [
new EnvironmentPlugin({
backend_server: "https://www.example.com",
frontend_customer: "https://www.example.com",
}),
new BundleAnalyzerPlugin(),
new MiniCssExtractPlugin(),
new HtmlWebpackPlugin({
filename: "index.html",
template: path.resolve(
__dirname,
"server/templates/other/react-customer-template.html"
),
chunks: ["react_customer"],
}),
new HtmlWebpackPlugin({
filename: "admin.html",
template: path.resolve(
__dirname,
"server/templates/other/react-admin-template.html"
),
chunks: ["react_admin"],
}),
],
};