@Jeff Arola, the raw thumbnails do draw in the APD when I use a USB card reader on an SDXC card (although video thumbnails do not). But they don't draw when I connect my (Sony) camera via USB cable. I use the cable because I don't have a card reader for the CFexpress card. I'm using Windows 11 but I don't think this behavior was any different with Win 10.
. . . Actually, I may have mispoke. (It's been a while since I downloaded jpeg/raw files from my camera.) I happened to have downloaded about 500 files last night and noticed the lack of thumbnails on the raw files but I thought that they were being drawn slowly. Instead, the problem was that the files were presented in a random order i.e. jpeg, raw, raw, jpeg, raw, jpeg, jpeg, raw etc. So, I didn't notice that it was only the raw files that didn't have thumbnails. In any event, my solution was to download all files and worry about deleting unwanted images after the import. I think I have complained about this to Adobe before. I will do so again.
Adobe very often in new release breaks somtehing wat was workiem good. I have found another bug which was reported 6 years ago and in the newest bestiom exist 😞
I find that you need to wait (sometimes for a long time) for the thumbnails and file data to draw properly. For me, the easiest solution is to import the files and cull them in the Organizer. The problem usually occurs when you are importing a large number of files. The speed of the memory card can also be an issue.
In my previous version PS 13 there was no problems. The same camera, many photos.
When I find a bug, Adobe instead fix it, show another solution like using another software to do something and next import to PS or do somerhing outside PS and then copy to PS.