I think it's useful to distinguish between two terms: processor and editor.
Photos is a processor. Technically it's a parametric editor. It never changes the file. It records your decisions in the database and creates a JPEG representation if it. But what you're processing is the Raw. Other apps that work like this: Lightroom Classic, CaptureOne and so on.
Photoshop is a pixel editor. It literally changes the pixels in the image. So, for instance if you load a 6k x 4k image into Photoshop and then crop it to 5k x 3k then the unwanted pixels are actually removed. The file is changed. Those pixels are deleted, gone. Affinity Photo is similar.
The largest impact on quality of an image is, imho, the quality of then lens. Then the sensor and after that, the processing. If you're going to continually edit an image, create different versions and so on, then using a paramedic editor or using Tiff is advisable. If you're finished editing then storing the image in a high quality Jpeg is perfectly acceptable.
Viewed on screen or in print, the output of a tiff and a high quality Jpeg are indistinguishable.
If you want the best quality processing of your Raws then you're not using a give-away app like Photos, frankly. You're looking at DXO PhotoLab, Lightroom Classic, CaptureOne and other pro-level apps. Not that there's anything wrong with Photos as such, just that these apps are more capable, and more capable of more subtle adjustments.