It doesn't appear to me that RAW files from your camera are supported. See this:
Digital camera RAW formats supported by iOS 18, iPadOS 18, macOS Sequoia, and visionOS 2 - Apple Support
Look at how many even just Panasonic cameras are on this list! Every camera model and sub-model of every camera maker has its very own RAW format that's different from all the others. Apple doesn't seem interested in writing new code to support every new one that shows up, and I find it hard to blame them for that.
You can use Adobe's free Digital Negative (DNG) converter to make a universally acceptable RAW picture file. (Since it's "universal," it may lose some information from different models-- it's hard to know.) This is the format that Lightroom uses when it creates a new (edited) file, and Apple and Photos supports it. The converter is free:
https://helpx.adobe.com/camera-raw/using/adobe-dng-converter.html
Panasonic may offer its own editor (most companies do) that will process its RAW formats. Photos doesn't really offer much for RAW data, anyway.