As far as I understand, the default formatting option should produce the shortest output, not just in the number of significand digits, but also in the number of actual characters. At least that seems to be how std::format is specified, according to the std::to_chars specifications.
However, it seems currently fmt picks the fixed-point format whenever the exponent is between -4 and 16, regardless of the number of characters it will produce:
Is this an intended divergence? Or maybe I misunderstood how std::format is specified?
For what it's worth, it seems MS STL implementation of std::format does what I described.
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