Photos freezes (spinning pizza wheel) when in edit mode

Photos has frozen many times for me recently when I try to edit (adjust) a photo. By "edit" mode, I mean the mode you go to when pressing the Return key when you have a photo highlighted.

So far this seems to happen most often when I dealing with a live photo taken with my iPhone 11 using the ultra wide lens. I do not even need to adjust the photo. Sometimes, there is a spinning icon in the bottom right corner of the photo, which I believe means that Photos is loading all of the data for the entire live photo. In this case the spinning never stops, which it should do after a few seconds at most. Later, the entire application freezes with the spinning pizza wheel of death. The only solution is to force quit Photos. Restarting the application or restarting macOS (Catalina 10.15.4) does not help - the photo still cannot be edited in edit mode.

This happens also for newly taken photos, so this does not seem to be associated with old, corrupted photos. I am using iCloud Photos.