The LiteSpeed Cache plugin for WordPress generally comes with rather sane default settings, without having to tweak much afterward, however, a few settings are recommended.
LiteSpeed Cache -> General: Request a Domain Key.
Under the Cache menu item:
 Cache -> Cache Mobile: Off -> On (Only if your site is not responsive or if your site relies on "Mobile detection"-logic)
 Cache: -> Drop Query String (Already set by default if installing v3):
 ESI -> Enable ESI: Off -> On (Only if your site relies on WP nonces)
If you use WooCommerce, go to the "WooCommerce" tab:
Product Update Interval: Select Purge product and categories only when the stock status changes. (Only if you use WooCommerce, and only if your site doesn't rely on quantity).
Under Image Optimization ->  Image Optimization Settings:
Auto Request Cron: Off -> On
Auto Pull Cron: Off -> On
Optimize Original Images: Off -> On
Remove Original Backups: Off -> On
Create WebP Versions: Off -> On
Image WebP Replacement: Off -> On
WebP for Extra srcset: Off -> On
Under the Page Optimization menu item:
 CSS Settings -> CSS HTTP/2 Push: Off -> On
 JS Settings -> JS HTTP/2 Push: Off -> On
 Optimization Settings -> Remove WordPress Emoji: Off -> On