Can't view RAW file after update

Hi there Jaynextdoor,

From what we can tell, you're having difficulty viewing RAW files on your MacBook Pro. We're glad you've joined us in Apple Support Communities, and we can provide some guidance.

"The availability of RAW files on your Mac depends on a few conditions:

• If you have the Download Originals to this Mac option turned on in Photos (Photos > Preferences > iCloud > Download Originals to this Mac), then your RAW files are always present in Photos on your Mac.
• If you have the Optimize Mac Storage option turned on, then your RAW files are stored in iCloud Photos. The Photos app saves disk space on your Mac by displaying optimized JPEG versions of your RAW images. If you edit an optimized image on your Mac, Photos downloads the RAW file for that image.
• When Photos downloads a RAW image from iCloud Photos, it creates a new full-sized JPEG for optimal viewing on your Mac. It won't replace the RAW and embedded JPEG file already stored in iCloud. iOS devices will view the embedded JPEG.
• RAW files that you store outside the Photos app library (for example, in your Pictures folder) are always present on your Mac, but aren't stored in iCloud and won't stay up to date in the Photos app on your iPhone, iPad, or iPod touch."

Have a look at the links below to learn more:

How the Photos app and iCloud Photos handle RAW images

Digital camera RAW formats supported by iOS 14, iPadOS 14, and macOS Big Sur

Cheers.