iShootNikon_Mac wrote: .. Curious if changing the above setting would work for Lightroom as well.
As Yer_Man suggests, even though my Nikon Z8 lossless RAW files are not supported by macOS, Lightroom Classic (monthly payment) and Nikon's NX Studio (free!) read those file just fine on my Mac. I have a Z5 whose NEFs are recognized, but I don't use Photos to handle those, anyway.
The thing is, I can't see that Photos does much, if anything at all, to take advantage of RAW files. I have my camera generate both jpegs and NEFs, and I import the jpegs to Photos to help me separate out the few that are pretty good and that might benefit from RAW manipulation. Then for those I use software that can work with RAW data to get the best jpeg I can, and I import that to Photos for maybe some final adjustments and cropping, and to keep organized for my Mac and my i-things. I store all the RAW files on an external drive in case I change my mind, later.
My point is that I don't care that Photos doesn't recognize RAW, since it doesn't do anything special with it, anyway. I'm still learning about this stuff, often from folks on this forum.