As a test you may want to make a smart album (File > New Smart Album ⌥⌘N) with the rule "Photo is referenced". This will tell you, if Photos is considering the migrated Photos Library as a referenced library. In that case you need find out, where Aperture has been expecting the originals to be. There are two possible reasons for an Aperture Library being referenced:
- The photos may have been imported as referenced files without copying them into the library
- Or, if the Aperture Library is a migrated iPhoto Library, Aperture may be sharing the originals with the original iPhoto Library. In that case you need to find the original iPhoto Library and mount the drive with the iPhoto Library, so Photos can access the originals.
Photos may not be able to find the originals, even if the library is not referenced. This can happen, if the library is stored on an encrypted volume, or a volume with an incompatible file system format, or is stored on a synced volume like iCloud Drive or in a Dropbox folder. The syncing can break the internal links. Another possible reason can be the damage done by cleaning applications to remove duplicates. Some cleaning apps are removing the originals as unnecessary duplicates and are replacing them by links to the edited versions, but sometimes incorrectly. If the library has become damaged in this way, try to find a backup copy.
In the Sonoma version of the Photos Library you should be finding the originals in the subfolder "originals" if they are still there, when you of the library package by ctrl-clicing it and use the command "Show package content".
The previews of the edited versions are stored in the subfolder "resources > renders" or "resources > derivatives".
But be careful not to modify anything, when you browse the package content.