Hello Nikesh Mistry,
Good to see you in Microsoft Community.
Let me help you troubleshoot your Microsoft Photos not being able to view pictures in certain formats.
Here are my tips for you.
1. Repair Microsoft Photos
"Win" logo key + "Q" to open the search box and enter "Photos", right-click "Photos" at the top of the result list > "App settings" > "Repair".
2. Reinstall the relative apps
Run Power Shell as an administrator ("Win" logo key + "Q", enter "Power Shell", select "Run as administrator"), and enter the following commands one by one.
wsreset.exe
winget install 9N4WGH0Z6VHQ --accept-package-agreements
winget install 9WZDNCRFJBH4 --accept-package-agreements
Get-AppXPackage -AllUsers | Foreach {Add-AppxPackage -DisableDevelopmentMode -Register "$($_.InstallLocation)\AppXManifest.xml"}
Then restart the system and see if it works.
If anything is unclear, please feel free to leave your messages here.
Best Regards,
Mosken_L - MSFT | Microsoft Community Support Specialist