On iPhone 12 Pro and iPhone 12 Pro Max with iOS 14.3 or later, you can take photos in Apple ProRAW, which gives you greater creative control when editing photos.
Apple ProRAW combines the information of a standard RAW format along with iPhone image processing, which gives you more flexibility when editing the exposure, color, and white balance in your photo. With iOS 14.3 or later, your iPhone 12 Pro and iPhone 12 Pro Max can capture images in ProRAW format using any of its cameras, including when also using the Smart HDR, Deep Fusion, or Night mode features. You can edit ProRAW photos in the Photos app and other third-party photo apps.
To enable your iPhone to take photos with ProRAW, go to Settings > Camera > Formats, then turn on Apple ProRAW under Photo Capture. To take a ProRAW photo, tap RAW in the Camera app, then take your shot.
If you turn RAW off in the Camera app, the format of the photo defaults to the format you set under Camera Capture in Settings > Camera > Formats: either High Efficiency (HEIF format) or Most Compatible (JPEG).