This is not about everyday language (which is irrelevant in this
context) but about the language used in national standards.
[...]
Wouldn't you say that "lossy" and "lossless" are jargon terms? I think
I would find it easier to explain to Joe Q. Public what
"transliteration" and "transcription" mean that to explain those terms
to him.
But "lossy" and "lossless" are jargon-only; while "transliteration" and
"transcription" might be less ambiguous as technical terms, they occur
in casual use as well, which is why one would need to more careful about
ambiguity there.
Stephan