btw, I think a XEON (albeit a bit aged) with 128 Gb of ram should be able to run any decoding task, even if the codec is implemented on the hardware, right?
But that is unfortunately not, how Apple implemented the decoding of the video codecs. Even my MacBook Pro retina (mid 2015) is too old for some of the new video formats, and High Sierra on my MacBook Pro cannot play 4k video encoded in the new HEVC format. Sierra does not support this on Macs older than mid 2015.
I think too, that the video component of your Live Photos is the culprit. An the HEIC/HEIF support document does unfortunately not mention the encoding of the Live Photos.
If you enabled iCloud Photo Library on your iPhone, the video component may simply missing. High Sierra will automatically enable Optimize Storage and that will remove the video component from the device and keep it only in iCloud, if storage needs to be freed. When you then import the Live Photos using a USB connection instead of iCloud Photo Library, only a part of the Live Photo can be transferred.