When PNG is the right choice
Most of the time it is not, and it is worth saying so plainly. If the file is an ordinary photograph you intend to email, upload or print, HEIC to JPG will serve you better and produce a far smaller file.
PNG earns its place in three situations.
The first is screenshots. An iPhone screenshot is full of text and sharp edges, which is exactly what JPG compression handles worst, leaving a faint haze around lettering. PNG keeps it crisp.
The second is anything heading into a design tool. If the image will be edited and re-saved repeatedly, every JPG save discards a little more detail. PNG does not degrade, no matter how many times you save.
The third is when you simply want an exact copy. PNG is lossless, so what you get is precisely what the HEIC held, with nothing thrown away in the conversion.