Backups are important. Anyone that needs to export their contact list can do so by opening the "Contacts" app on your device, go to all lists, and long press on the list you want to export. ***Note: If the source of the list is something that is synchronized with an external account, you won't need to export these lists as they are part of their respective accounts. Your iCloud account and your Sim/device lists are the accounts you can export. They will export as .vcf and will contain the contact photos.
Remember, on each device, when you set up that device, you can add more contact accounts. This is important as they will synchronize with their respective service(iCloud, Microsoft Exchange, Google, yahoo!, Aol., Outlook.com, etc) for that device. Contacts created there will live there. This is why you cannot export them. If you setup multiple device with additional accounts, those contact will on
Possible temporary fix for someone to try: Before upgrading to iOS 27, first export your iCloud contact list and save it for all contacts. You need a backup, always! Turn off iCloud sync for your contacts in the settings for that device. It may give you a warning about removing the contact from your device and other devices and this is a personal choice that you make. ***If you are not comfortable doing this, STOP and wait for the fix. If you are good with this and have your backups, continue. Upgrade to iOS 27 and check your contacts to see what carried over. Not sure, however, it should only be the additional accounts(iCloud, Microsoft Exchange, Google, yahoo!, Aol., Outlook.com, etc) for that device. Add the additional accounts if they are not there. The iCloud list may show up but this is the list that is not usable at this time. You can only select one of the list to use for contacts until fixes the issue.
All of this is based on you signing in with the same iCloud account and is per device.