I can reproduce this, sort of. Can you please confirm the threshold to see how reproducible it is? You state 'a dozen', perhaps you're approximating since I find the threshold to be 15 images. If I open 1-15 images, they open in separate windows. If I open ≥16 images, the first 14 open in separate windows and the remaining 2-n images open in a single window. For example, with 55 images, 14 in their own windows and the remaining 41 in a single window.
The limitation actually seems to be that Preview will not allow >15 open windows. If I open 15 images, the 16th images is added to an existing window.
There's a nuance there that also confirms it's not a memory limitation (I also have 48 GB so that seems really unlikely, especially since I can easily open 55 images in Photoshop), which is that if I move to a different Space then I can open an additional image in it's own window in Preview. If I have 15 images open in one Space, and open a new image in a different Space, subsequent images in that Space add to the first one and the same window. So really, for images in their own windows it's 15 images in one Space plus one additional image per additional Space. I typically use 5 Spaces so I can open 19 total images in their own windows, but if I add a 6th Space then I get an extra window.
Having said all that, this may be the expected behavior since it's not just with Tahoe...my Mac still on Sequoia behaves in exactly the same way.
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