My external drive is formatted as APFS and Photos has been running with this Library without issue since the Library was transferred to this drive in December of 2023.

However, on Monday, March 18 when I opened Photos, it went right to "Restoring Library" with no chance to exit. It took a couple of hours to "restore" and then opened showing only images and videos up to November of 2022. There is now a pattern of file sizes in the "originals" folder. None of the files are newer than November.

So I am thinking this only occurs when "restoring" the files, or rebuilding, of the library where you have exceeded roughly 64,000 files. I was just short of 66,000 images and 1837 videos in my library when this happened.
They were all moved into the Photos Library bundle and not external links. My backup library suffered the same fate when I switched over to it from Photos. The only thing I can think of is that the "restore" process somehow is able to append images properly above 4000, but screws up royally when it rebuilds the database.
This has been around for a while. Someone has posted here that they had lost all files after September of 2021. I don't think they ever figured it out.
But shouldn't all of the "originals" still be available even after rebuilding?