Does Photos support OM 1 Raw files OIR and ORF

You can check for you exact model of camera here

Digital camera RAW formats supported by iOS 15, iPadOS 15, and macOS Monterey - Apple Support

but if I have the right camera (Olympus -D E-OM 1), then yes, Monterey supports that Raw.

But since RAW updates are tied to the operating system, you might have to upgrade to take advantage.