Hi, pythageros.
It sounds like you’re testing the new Apple ProRAW feature on your iPhone 12 Pro or iPhone 12 Pro Max and photos taken by tapping the RAW icon in the camera app (and those taken without tapping it) are both producing photos with the JPEG file format of similar size.
It looks like you’ve already reviewed this article explaining how Apple ProRAW works:
About Apple ProRAW - Apple Support
Were you able to confirm in Settings > Camera > Formats that you have Apple ProRAW enabled and Most Compatible selected?
If so, your Apple ProRAW images should have the .dng file extension and be about 25 MB in size. However, note that you'll need to use compatible apps for formatting, and when you share those photos most sharing options convert the image to a smaller JPG file. The “Share ProRAW photos” section of that article explains.
You may need to ensure you’re using Image Capture on your Mac or the Windows Photos app on your PC to import both versions of the file.
We appreciate you taking the time to post in the Apple Support Communities.
Warmest Regards.