What Yer_Man said, and
EddieT wrote: I copied my Photos library to a thumb drive and tried to open it on an iMac
If the "thumb drive" is not formatted in either APFS format or Mac OS Extended (Journaled) format, then it can not be used to run a Photos Library. Attempting to run a Photos Library from an improperly formatted drive can corrupt the Library. See this:
Move your Photos library to save space on your Mac - Apple Support
All the information about the pictures in a Library, including edits, comments, locations, etc, is stored in a database that's sort of like a spreadsheet. A new OS adds more attributes like scanning for new things, so that means more columns in the database. And an older system just can't make sense of those new columns. To make an older database readable on a newer OS, Photos has to add those new columns, so you can't go back.
The only way to use a Library from two different OSs is to use iCloud. iCloud Photos will keep the newest level of data, but it can feed other versions just what's needed, even on iPhones, iPads, TVs, and so on.
PowerPhotos ($40) can read an older Library, but it doesn't edit and do the stuff that Photos does. And it first updates the Library to the system it's on. I'm not sure, but I doubt that PowerPhotos running on an older system would read a newer Library. It would be worthwhile to check with FatCat Software to see.