What formats are better suited? To my knowledge most games use mp3-like compression for all their audio. Console hardware often has decompression support, it’s reasonably compact, quality/bitrate can be tuned by the sound engineers and supports a wide range of content.
It seems like on PC one would want to use Opus instead of the older MP3 or Ogg Vorbis. It has a number of performance-related improvements in addition to better audio per bitrate, although the higher-quality codec out of its two internal modes is still conceptually similar to MP3 & Co. so I figure it wouldn't necessarily solve all performance issues either.
It's like trying to use PNG for texture compression instead of better suited formats.