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VirtualDub2 does not expose many encoders. They will be the same as separate encoders or those included in any other ffmpeg (command line or core of a converter) of that time when it was built. But VirtualDub2 may not offer all the options of all the encoders via dialogs and controls. An alternative way to use other encoders more flexibly may be the "External encoder" setup.
Regarding the codecs in ffmpeg, it is hard to say something general without taking a detailed look at specific codecs: e.g. x264, x265, vp9, Opus, Vorbis, Lame are all exactly what they are, the best of OpenSource codecs in their formats; ffmpeg's AAC encoder is quite good, but Fraunhofer FDK or Apple iTunes (CoreAudio) AAC encoders are better in quality, it's just not possible to include them in ffmpeg (either closed source or with restrictive license).
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