I have made several attempts at recording the Export > Save for Web (Legacy) script where I select the File Size Optimization to reduce the file size of several .jpg images.
However, when I run the script the file size is unaffected.
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To solve this issue so far, I have used Image Processor (File > Scripts > Image Processor) and reduced the image quality. I used the File Size Optimization option from Save for Web to give me an idea of the quality I should reduce by based on my desired file size. The only issue is that every image is slightly different resulting in a variation of file sizes. Since my images were very similar this was not a huge issue, for very diverse images this work-around would not be ideal.