How to Digitize VHS Tapes with Better Quality?

Last week, my parents asked me to convert all our old VHS tapes to digital format before it's too late. We have some really special family memories on those tapes, so they're important to us. I bought a video converter to capture the videos on my PC, but the quality isn't great. I feel a bit spoiled by modern technology, but we were hoping for something better. I've heard that using an S-video cable instead of a regular yellow composite might improve the quality. Currently, my video converter compresses the files to MP4, which I read might not be the best for maintaining quality. I'm looking for advice on how to digitize these tapes without losing quality, ideally while keeping costs low. I have a decent gaming PC, a VHS player, and an old VHS recorder. What else do I need? Do I need a specific kind of S-video cable? There are just so many options and it's overwhelming! I've tried asking a lot of questions online, but I'm not finding the help I need. Thanks in advance!