What this conversion can and cannot do
Converting to PNG stops the bleeding; it does not heal the wound. Whatever detail JPEG discarded is gone, and the artefacts around edges are now part of the image data. PNG preserves them perfectly, which is not the same as removing them.
The genuine reason to do this is that you are about to edit. Every JPEG save re-compresses the whole image, so an image opened, adjusted and saved five times has been through five rounds of loss. Working in PNG means only the final export costs anything.