The Automator Encode to MPEG Audio action uses an internal AppleScript quagmire that uses certain arguments to the command-line tool, afconvert. This tool is poorly documented, even when you run it from the Terminal with either of the following switch invocations:
afconvert -h
afconvert -hf
But, it does support a slew of features and your best bet for encoding from .aiff or .wav to .mp3 is to use the following search string in a browser to locate examples of its usage. You can get 192K with it.
macOS afconvert aiff wav mp3
I am not an authority on this tool, and do not want to be considering its complexity. The ffmpeg tool installed from a package manager can also do the conversion.
Once you find a command-line setting from the web that does the correct conversions, then you place it in an Automator Quick Action/Service (Run Shell Script/Run AppleScript) so that you can right-click on a target audio file in the Finder and apply the Quick Action conversion directly.