In Preview: Does PM show the separate Jpg or the enclosed HEVC?
First, let's clarify: Not *every* CR3 has an embedded HEVC. As far as I know (and this is just what I have learned from customers, as the newest SLR that I actually own is from 2008), CR3's will only get an embedded HEVC file when you choose the "HDR-PQ" mode on cameras that offer it and shoot images in that mode. When shooting in this mode, I believe (and again, I have never actually used one of these cameras) there is a setting similar to RAW+JPEG where it will record both the CR3, embedded with an HEVC, and a separate HIF file. Any other mode: your camera embeds a JPEG in the CR3 and creates a JPEG sidecar.
In the current versions of Photo Mechanic (as opposed to Photo Mechanic 5 or older), if there is a JPEG and RAW file of the same base file name in the same folder, when they are paired up into a single thumbnail, Photo Mechanic will show you the JPEG, or if there is a RAW and an HEIC/HEIF file, it will show the HEIC/HEIF file. In other words: it will always show you the sidecar file if there is one.
If there is a standalone CR3 file with an embedded HEVC, if RAW rendering has not been enabled in Photo Mechanic, then you will currently see no preview or thumbnail for that image. If RAW Rendering is enabled, you'll see the version rendered by the chosen RAW renderer, but it will be slow. We are also investigating how to improve this experience so it's not "all or nothing" in terms of RAW rendering, as it is now.
Is there an advantage for Canon to use a HEVC?
Maybe Dennis knows, but that's more of a question for the folks who make the format.