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

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"],
    }),
  ],
};