So, I've been experiencing this problem for about a month now. I hadn't notice before and I probably have more photos with this issue.
With the iPhone11Pro in July 2020, all Portrait mode photos did not exhibit this problem after importing to my PC running Windows 10. This started happening about a month ago, exactly on 8 April 2021. It can be that I have more photos like this, but I'm not sure and I have to go to my backups to check. I'm almost sure this is an iOS 14 issue, maybe 14.2 and later.
Since discovering this issue, I've attributed to the HEIF/HEVC extensions in the Windows App Store. However this is not right. I have a linux machine which can correctly connect to the iPhone filesystem and I have the exact same problem. The Portrait Mode photos also exhibit large grey area.
I could still try the iOS Beta, but I'd rather not mess with that.
And also, I could use the "Most Compatible" setting, but that kind of defeats the purpose and advantages of having the High Efficiency.
Finally, I tried using DiskAid/iMazing (the free version limited to 50 transfers) and I was able to download the original IMG_####.HEIC and the corresponding IMG_E####.HEIC without corruption (large grey area). I haven't tried other 3rd party utilities, but this is for enough to conclude that:
1) an update to the iOS caused this which the next update may eventually fix it OR maybe Microsoft will update the HEIF/HEVC Extensions to add built-in support iOS 14.5.1 or later
2) it is possible to correctly retrieve those problematic Portrait Mode photos as is, but using a 3rd Party app like iMazing, CopyTrans, and the subscription based ilk...
I much prefer the issue is solved via #1, because like some/most people I already have a system set up to download the photos from the phone to my Win10 machine, filter, categorize, file and archive them properly. This 3rd party trick is one more unnecesary complication.
TL;DR: this is for sure a bug with iOS 14.5.1 (possibly since 14.2), because both Windows (w/ iTunes) and Linux (w/o iTunes) download a corrupted Portraid Mode photo (in HEIC format), while a 3rd party app like iMazing will successfully download it.
Thanks for coming to my TED talk.