Similarly confused
My Photos file on the Mac is 14 Gb, my iCloud storage says photos take 7Gb. (iPhone says 1.7Gb, iPad 3.8Gb) I thought that the iCloud photos were the highest resolution, and reduced as downloaded to iPhones, iPads, Macs as appropriate. Why would they be taking up twice the storage on the Mac than in iCloud?
iMac Line (2012 and Later)