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Running Lightroom Classic v10.3 on MacBook Air Apple Silicon, importing photos from iPhone 12 Pro - latest system software on MacBook and iPhone.
While Lightroom Classic will bring in Live Photos from the iPhone it does not handle them correctly. It may or may not show a still preview - but it definitely will not show the converted video.
It shows a QuickTime logo palceholder image - feels like there's a component missing.
Only thing I can think of is that this is a brand new, clean MacBook with only LRC installed - not PhotoShop or any other Adobe CC software.
Are you referring to Live View as in Tethered?
Only some Canon, some Nikon supported.
Live Photos on iPhone is described here https://support.apple.com/en-gb/HT207310