Photoshop Educator Tim Grey has a daily email that he sends out to those that subscribe (free to subscribe). On January 10, 2022 he addressed a bug in Camera Raw. This is what he described "There is a glitch with the latest update to Photoshop that causes the Camera Raw workflow settings to be reset to a bit depth of 8-bits per channel with Adobe RGB (1998) as the color space."
If you process a 16-bit photograph in Camera Raw you may find that it has been reset to 8 bit without your knowledge. Grey's newsletter detailing how to temporarily fix the problem can be found here.
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