Neither were selected "in focus" as the screen capture keystroke takes them both out of focus.
You are focusing on the wrong parts of this. Before macOS 15 none of this happened.
If you don't get a popup that Preview is going to "do something to the image" then it is not happening or that message was checked to not show again on your system.
Identical is not what I am asking for, it should be understood that when "editing" an image by adding text or other graphics inside of Preview, the image is not identical.
What we are talking about here is brightness. It automagically reduces the brightness when edits are made.
It did not do this before macOS 15, there is a notification box that explains (although with no details).
No where in the apple ecosphere does it indicate that this was changed in preview that I can find, outside of a notification box when it happens, which if clicked "do not show again" then you never see it.
As for compression, this happens before the file is saved. It does it in some magical manner based on some nonsense brightness factor which cannot be turned off or controlled by the user.
This happens on every picture, in HEIC format, if you place any edits on it.
Sticking with Lossless format would be great but the default file type from iphone is HEIC, and not all applications support "lossless" in the Apple Raw Format.
I could also go into the points that editing on macOS and iOS do not net the same results, as on iphone this does not happen, and you can revert to original on iphone, which you cannot do on macOS. This is not relevant in this case outside of this only happens on macOS.
It should not matter but this system is a MBP M2 Max, and a newer processor on an iMac should have no bearing on the way that Preview operates.
Just to be complete, Preview is version 11.0 (1069.3.3)
I will boot up a new MBP, Intel and see if I can recreate or screen cap the notification box.