I don't know about compression on the PDF side, but PNG uses deflate compression, which, according to https://www.libpng.org/pub/png/book/chapter09.html#png.ch09.div.2 is "not the best-compressing algorithm known" (that's taken slightly out of context, it definitely is not bad). Also according to that chapter, most PNG implementations use zlib, which supports different compression levels. So the PDF container might have a way of compressing it slightly better, considering that 97/105 is not that good of a compression ratio.
You could try opening the image with an image editor that exposes the different compression levels (GIMP and Krita come to mind) and see, whether you can compress it further
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