Should I be concerned that Photos Libraries are Apple specific and we may loose accessibility as operating systems change? Or that we may have an issue with a corrupted Library?
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The good news is that 'priceless' documents CAN OFTEN be retrieved for a price. There are companies that specialize in rescuing, retrieving, and converting corrupted, outdated, and abandoned media formats for you, if you REALLY REALLY need it and are willing and able to pay whatever it costs.
As a digital packrat, after I made the transition away from Windows PC's to Mac in 2007, I've created multiple backups, archives, and virtual Windows machines using Parallels for Mac. So I have about 40 years of digital archives/clutter (depending upon your perspective), spread across multiple Macs with 50 TB of hard drives, clones, RAID-1 archives, backups, and cloud storage, in multiple locations. I recently retrieved Word 97 and Excel 97 documents and photos I had authored on a Windows 97 PC years ago, to provide historical perspective for my church as we embrace new initiatives.
Take time to review things before re-organizing and re-importing!
After encountering a Photos 7 issue with duplicate 'Live' photo imports (both 3-second .mov and .jpeg files are now displayed) from iOS 16.2 iPhones, I recently exported nearly 80,000 digital and scanned images I've taken since 2003. Examining my exports, I purged nearly 10,000 low-resolution copies, out-of-focus, duplicate, and unwanted images. Now I've imported 'the keepers' back into (Catalina) Photos 5 which does not display the duplicate behavior at the moment, saving many gigabytes of space.
The downside to Mac Photos that I've encountered is that once you access a .photoslibrary file with a newer version of macOS Photos, it can never be opened by any older version. So make certain you have backups before upgrading to a newer version of macOS.
Final thought: "You can never be too rich or have too many backups."