HEIF Max on the iPhone 16 Pro Max

Need some lesson here. Just upgraded from the 13 Pro Max and trying to understand more about the HEIF options available on the 16 pro camera.

Understand that there are two options for HEIF. The standard 24mp and HEIF Max, which is 48mp. Does both options come with Apple post processing software such as the Smart HDR and Photonic Engine?

Which mode would be better for general use, assuming storage is not an issue?