That won't work for HTTPS unless you decrypt and encrypt it, which is less efficient, or not use HTTPS URLs, which will break many other things (and also has some inefficiencies when using with stuff that does use HTTPS), etc.
Efficiency is not the goal in my case. The localhost forward proxy does decrypt then re-encrypt according to how I have written the configuration, however that is exactly what I want because I need to be able to examine and manipulate HTTP requests and response bodies, among other things. Among the other things are, for example, specifying an acceptable TLS configuration, e.g., do not send SNI by default to all sites, use TLS1.3 only for sites that support it, and use ESNI for Cloudflare sites. These are options that a "modern" browser does not present to the user. If this setup was noticeabely slow I would not use it. IMO, it is faster than mitmproxy and requires less resources.
The proxy also converts http to https so all requests get encrypted regardless of which HTTP method is specified. "HTTPS everywhere" but not only for accessing www sites with a "modern" web browser but for any program with network access making DNS lookups and trying to make HTTP requests.
I generally do not use a "modern" browser. More often I use TCP clients that have no support for TLS. It is unlikely this setup would suit other computer users but it works for me.