Live Photo lock screen goes black with photos taken in 16:9 aspect ratio (iOS 14.3)

My girlfriend and I noticed that setting live photo lock screens on our iPhone 12 and 12 Pro Max results in a black banding effect, where after pressing to view the Live wallpaper, the animation to begin a Live photo is played, but the screen zooms to the left of the Live wallpaper, almost like it was dragging the photo off the screen (see the original photo and Live photo animation glitch below). You can see how it zooms in to the far left side of the original photo. The Live effect continues playing, but the lock screen stays like this until you take your finger off the screen, where it then returns to the original photo. We realized that only photos taken in the 4:3 aspect ratio can correctly play on the lock screen, as photos cropped to 4:3, even 5:7 showed the same effect, with slightly more of the original photo shown. Does anyone know why this might be an issue only with photos taken in 16:9 aspect ratio?