Apple recently released iOS 14.3 which includes the new ProRAW photo format feature for iPhone 12 Pro models. As Apple explains:
Apple ProRAW combines the information of a standard RAW format along with iPhone image processing, which gives you more flexibility when editing the exposure, color and white balance in your photo.
This format is intended to offer higher quality photos while still benefiting from the computational photography features of the iPhone. However, Apple is exaggerating a bit, because this is not a raw file, and it’s not really a "pro" file either. Here’s why.