Photos can show thumbnails, and even screen sized previews, without actually having access to the original file that's needed for editing. It sounds like Photos has lost contact with some (or all?) of the originals files.
Photos is designed to keep the Original files, always untouched, in its Photos Library package. One possibility is that this was defeated at some point in the past. In Photos' Settings>General

the "Copy Items" box should be checked. (This makes a "Managed" Library.) Has yours ever been unchecked? If it was (usually very unlikely making it a "Referenced" Library,) then the Originals were left in Finder folders, and those have been moved so that Photos can't find them, anymore. If you can find them and move them to a convenient spot, then you can use the Photos' menu File>Consolidate to put them back together. You can find Reference files with a Smart Album:

If this isn't it, then Photos has lost contact with the Originals for some other reason. It might help to rebuild your Photos Library--close Photos and re-launch by option-command-clicking the app icon. If you use iCloud Photos, it’s possible that this will cause a re-sync that lasts long enough to make you nervous.
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