The metadata for RAW files imported through Photos indicates a bit depth of 8 in the Raw Power app. The same files imported through and viewed in Lightroom indicate a bit depth of 12.
Is there a setting or something I am missing to ensure that the full bit depth is captured in Photos and/or Raw Power?
There are two problems – the app has a bug and is incorrectly reporting the bit depth. The second problem (which partly causes the first problem) is that Apple’s code doesn’t report the bit depth. There will be a fix in the next release to report “16” which is what Preview would report. The sensor resolution of the file may be 12 bits, but the data in the file is usually (maybe always) stored in 16 bits because it’s much easier for computers to work with multiples of 8 bits. Sorry about the bug.