In the attachment you will find a PDF with variants A to D on each side.

I tried to think into the design decisions made by the team who created the current installer. I am not sure of course but I tried to take this (assumed) decisions into account.

Variant A:
This is nearest to the current release version.
 - The settings on page 1 are moved onto that page directly to the bottom of "Install Now" and before(!) "Customize installation".
 - The "all users" option is now available for the interpreter and launcher.
Modifying the position of the two checkboxes make‘s it more clear to which decision way (simple or customized/advanced installation) they belong.

Variant B:
The same as A but Page 2 and 3 (from A) are joined together. If there is enough room on the wizard dialog this would be OK. But very important is to visually separate the two sections "Interpreter" and "Launcher" on that one dialog. You could do that with bigger bold text like headings or you could use a horizontal bar.

Variant C (would be my second favourite):
Page 1 is more minimal. The user only have to make a decision between simple installation and advanced/customize installation.

Variant D (my favourite):
Page one offers the simple options about "PATH" and "all users" for interpreter and launcher. This should be separated in a visual way of course.
btw: From a technical point of view I do not see an advantage of separating the decision about "PATH" and "all users" between python and py. I would assume if py should goes to PATH and installed for "all users" the interpreter should treated the same.
More important on D is that the way to the "advanced" (currently named "customize") installation way is "hidden" behind a simple GUI button. A lot of other installers doing it the same way. It is just a simple button. Not big, no special colours or something like that. The page 1 of the current release version of the installer is to much bling-bling. ;)

Some more Notes and Thoughts

„Customize“ is not a good term, because it is still possible to „customize“ the installation on that first page (the two check boxes on the bottom) without clicking „Customize installation“ and
When clicking on „Customize installation“ the next (2nd) page is named „Optional Features“ which is different from „Customization“. I would suggest "Advanced" or "Expert".
It is similar with “Advanced” on page 3. What is the difference between “Advanced” and “Customize”?

Add a „What is the py launcher for“ link to the wizard.

Add a „What is pip launcher for“ link to the wizard.

In the What-for-pages: Do not describe what py/pip can do but describe what the user can do with it. Modify the perspectives/view points! I would help you to review this texts.

Use horizontal bars in the GUI to better visualise the separate ways/topics. E.g. in Variant B on page 2.

I have some more detailed suggestions about modified wording. But I think at this point it is enough. :)