PhotoShop Mac 21.2.3
Macbok Pro Mid 2015 Catalina 10.15.7
ScreenShot20201021at11.13.51AM-a262ba2c-f817-4d60-b7f6-919f5587a844-1282381420.jpg
This is what the layout looks like. The images are smart objects. The .psb files have multiple layers and the top layer is the desired image for the composite image. This is what the layers panel in the psb looks like:
ScreenShot20201021at11.17.59AM-2df05ded-37de-4e6e-b7df-2ad2a7510efa-993572040.png
This is what the Export as... exports
ScreenShot20201021at11.19.51AM-2c984471-d83d-48bd-a61f-4b54d5aa2234-103306094.png
This is what the Legacy export exports
ScreenShot20201021at11.21.15AM-e136445a-970d-48aa-bf83-51e3001b81b6-752203455.png