Opening .jpg file in PS causes color distortion and pixelization

Received .jpg file from client for use in marketing. File appears normal in Win 10 (version: 10.0.19045.5247) Photos, as well as Paint 3D (which is how I finally converted it for use). However, once in Photoshop (version: 26.2.0 20241207.r.140 bc85906 x64) the colors distort and any gradients show as severely pixelated. I checked color profiles, etc., as well as trying to convert the file to different modes - minimal to no change each time. Checked for any sort of permissions issues, copyright protections, etc., couldn't find anything. I also tried to "cheat" and open it through Bridge into Camera Raw, no dice. Wouldn't even allow for a thumbnail preview of the file.

After using Paint 3D to convert it to a .tiff it opened fine in Photoshop with no visible issues, and was able to be re-converted back to a .jpg and saved with the new file also no longer having any issues. What gives?

Thanks!