The dependency audit is usually the biggest win
Code splitting gets the attention, but the largest single reductions usually come from one import.
An icon library imported whole for four icons ships thousands. A date library imported for one formatting call ships every locale. A UI kit imported at the package root pulls in components the page never renders. Each is a single line, each is invisible in review, and each can be tens or hundreds of kilobytes.
Check what the bundle actually contains before splitting it. A bundle analyser answers this in minutes, and the fix — a per-item import, or a smaller alternative — is usually smaller than the refactor that splitting requires.