Transfer RAW photos.
They are converting to JPEGs instead of remaining RAW
MacBook Air 13″, macOS 11.2
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The full description is here: https://support.apple.com/en-us/HT211965
I had the same issue with my iphone. I had successfully transferred ProRAW files to my MacBook Pro, until I changed the camera settings on the phone to preserve exposure adjustment for a series I was shooting. As soon as I did that, all the transfers to the MacBook became jpg files, even when I specified RAW. The support document tells you that the original RAW source is still in your iCloud photos. Haven't tried that, since it really would mess with my workflow. Sure hope someone fixes this in an update.
