Do you have RAW rendering turned on?
Yes. But in this case the file was processed using Capture One so I don't expect to see the raw file rendered in PM. But the JPEG is an export from the C1 processing.
Its possible some of my assumptions are wrong about which file in a raw + jpeg pair I'm looking at.
A screenshot attached show the raw + jpeg pair (selected) and the preview window. It should be clear the contact sheet version has a darker sky.
Thanks