What are the correct nginx configuration settings for Magento website using PHP 7.3 FPM?

Based on the nginx sample configuration provided the by Magento repository, i have create an nginx configuration which can be used to setup Magento on any VPS.

upstream fastcgi_backend {
    server unix:/var/run/php/php7.3-fpm.sock;
}

server {
    listen 80;
    server_name magento.example.com;
    set $MAGE_ROOT /var/www/html/magento.example.com;
    root $MAGE_ROOT/pub;
    index index.php;
    autoindex off;
    charset UTF-8;
    error_page 404 403 = /errors/404.php;

    
   location /.user.ini {
        deny all;
    }

    location ~* ^/setup($|/) {
        root $MAGE_ROOT;
        location ~ ^/setup/index.php {
            fastcgi_pass   fastcgi_backend;
            fastcgi_param  PHP_FLAG  "session.auto_start=off \n suhosin.session.cryptua=off";
            fastcgi_param  PHP_VALUE "memory_limit=756M \n max_execution_time=600";
            fastcgi_read_timeout 600s;
            fastcgi_connect_timeout 600s;
            fastcgi_index  index.php;
            fastcgi_param  SCRIPT_FILENAME  $document_root$fastcgi_script_name;
            include        fastcgi_params;
        }

        location ~ ^/setup/(?!pub/). {
            deny all;
        }

        location ~ ^/setup/pub/ {
            add_header X-Frame-Options "SAMEORIGIN";
        }
    }

    location ~* ^/update($|/) {
        root $MAGE_ROOT;

        location ~ ^/update/index.php {
            fastcgi_split_path_info ^(/update/index.php)(/.+)$;
            fastcgi_pass   fastcgi_backend;
            fastcgi_index  index.php;
            fastcgi_param  SCRIPT_FILENAME  $document_root$fastcgi_script_name;
            fastcgi_param  PATH_INFO        $fastcgi_path_info;
            include        fastcgi_params;
        }

        location ~ ^/update/(?!pub/). {
            deny all;
        }

        location ~ ^/update/pub/ {
            add_header X-Frame-Options "SAMEORIGIN";
        }
    }
    location / {
        try_files $uri $uri/ /index.php$is_args$args;
    }

    location /pub/ {
        location ~ ^/pub/media/(downloadable|customer|import|theme_customization/.*\.xml) {
            deny all;
        }
        alias $MAGE_ROOT/pub/;
        add_header X-Frame-Options "SAMEORIGIN";
    }

    location /static/ {
        expires max;

        location ~ ^/static/version {
            rewrite ^/static/(version\d*/)?(.*)$ /static/$2 last;
        }

        location ~* \.(ico|jpg|jpeg|png|gif|svg|js|css|swf|eot|ttf|otf|woff|woff2|json)$ {
            add_header Cache-Control "public";
            add_header X-Frame-Options "SAMEORIGIN";
            expires +1y;

            if (!-f $request_filename) {
                rewrite ^/static/(version\d*/)?(.*)$ /static.php?resource=$2 last;
            }
        }
        location ~* \.(zip|gz|gzip|bz2|csv|xml)$ {
            add_header Cache-Control "no-store";
            add_header X-Frame-Options "SAMEORIGIN";
            expires    off;

            if (!-f $request_filename) {
                rewrite ^/static/(version\d*/)?(.*)$ /static.php?resource=$2 last;
            }
        }
        if (!-f $request_filename) {
            rewrite ^/static/(version\d*/)?(.*)$ /static.php?resource=$2 last;
        }
        add_header X-Frame-Options "SAMEORIGIN";
    }

    location /media/ {
        try_files $uri $uri/ /get.php$is_args$args;

        location ~ ^/media/theme_customization/.*\.xml {
            deny all;
        }

        location ~* \.(ico|jpg|jpeg|png|gif|svg|js|css|swf|eot|ttf|otf|woff|woff2)$ {
            add_header Cache-Control "public";
            add_header X-Frame-Options "SAMEORIGIN";
            expires +1y;
            try_files $uri $uri/ /get.php$is_args$args;
        }
        location ~* \.(zip|gz|gzip|bz2|csv|xml)$ {
            add_header Cache-Control "no-store";
            add_header X-Frame-Options "SAMEORIGIN";
            expires    off;
            try_files $uri $uri/ /get.php$is_args$args;
        }
        add_header X-Frame-Options "SAMEORIGIN";
    }

    location /media/customer/ {
        deny all;
    }

    location /media/downloadable/ {
        deny all;
    }

    location /media/import/ {
        deny all;
    }
    location /errors/ {
        location ~* \.xml$ {
            deny all;
        }
    }

    location ~ ^/(index|get|static|errors/report|errors/404|errors/503|health_check)\.php$ {
        try_files $uri =404;
        fastcgi_pass   fastcgi_backend;
        fastcgi_buffers 1024 4k;

        fastcgi_param  PHP_FLAG  "session.auto_start=off \n suhosin.session.cryptua=off";
        fastcgi_param  PHP_VALUE "memory_limit=756M \n max_execution_time=18000";
        fastcgi_read_timeout 600s;
        fastcgi_connect_timeout 600s;

        fastcgi_index  index.php;
        fastcgi_param  SCRIPT_FILENAME  $document_root$fastcgi_script_name;
        include        fastcgi_params;
    }

    gzip on;
    gzip_disable "msie6";
    gzip_comp_level 6;
    gzip_min_length 1100;
    gzip_buffers 16 8k;
    gzip_proxied any;
    gzip_types
        text/plain
        text/css
        text/js
        text/xml
        text/javascript
        application/javascript
        application/x-javascript
        application/json
        application/xml
        application/xml+rss
        image/svg+xml;
    gzip_vary on;

    location ~* (\.php$|\.phtml$|\.htaccess$|\.git) {
        deny all;
    }

}