[This post contains formatting and embedded images that don't appear in email. View the post in your Web browser.]
I narrowed down the cause: The photo's ICC profile (which defines how to interpret the color numbers in the file, like sRGB or Adobe RGB) is "Apple Wide Color Sharing Profile". I had recently seen LR and Photoshop trip over IOS photos with that profile, and I hadn't seen that profile before, so this time I did some research.
As a workaround, export IOS photos from Photos.app using Color Profile: Display P3 rather than Most Compatible, which will avoid the use of Apple Wide Color Sharing Profile.
GORY DETAILS
Apple devices by default record camera images in the "wide" Display P3 color space and set their ICC profiles to "Display P3". But when Apple software "shares" those photos, it will sometimes convert the image content to be approximately sRGB (the most widely compatible color space but with the smallest gamut of colors) and record additional information in an image-specific bespoke ICC profile. Apps that don't know about this kind of profile will display the image with narrow sRGB color, but Apple apps aware of that kind of profile will use the additional information recorded in the profile to mostly recover the "wide" Display P3 colors:
https://developer.apple.com/videos/play/wwdc2016/501/
I haven't found an authoritative list of when Apple software converts Display P3 to Apple Wide Color Sharing Profile, but an Apple developer presentation introducing Apple wide color in 2016 vaguely alludes to sharing via Messages and Mail.
But in particular, the Photos app will convert Display P3 to Apple Wide Color Sharing Profile when you do File > Export > Export Photo and set Color Profile to Most Compatible.
I have found posts over the past several years with people complaining that both Adobe apps and non-Adobe apps sometimes choke on photos with Apple Wide Color Sharing Profile. When I open your photo in Photoshop, I get:
Apple's intent, of course, was that the Apple Wide Color Sharing Profiles would be standards-compliant and all common photo apps would be able to read such images. But it's apparent that Adobe apps and some other apps can't always read those profiles. I don't know if this is a bug in the Apple conversion process that's generating non-ICC-compliant profiles or rather bugs in the apps encountering standards-compliant but unusual profiles.
Interestingly, if I import your sample photo into Photos.app on my Mac OS 14.2.1 and then do File > Export with Color Profile: Most Compatible, the exported photo loads into my LR 13.1 and PS 2024 without problems. The photo's metadata indicates it was taken on an Iphone 12 Pro / IOS 17.3 on 1/12/2024, which rules out the hypothesis that older Apple software had a bug that's since been fixed.