When you select that option, Photos offers an export dialog that has a lot of menus. Most people routinely use the choice above it, however: Export X Photo(s). It’s useful that the app retains the original, instead of only storing modified forms, in case you want to discard all your edits or export an image to edit again in another piece of software. Choose to export an unmodified original, and Photos copies exactly what was originally imported. In the library catalog and when you view an image, you see the modified version. Any changes you apply to it are stored as a series of modifications. When you import media into Photos, it retains the original. The second submenu item is easier to explain first. Photos offers several ways to control size and quality when exporting an image. Now, in the File > Export menu, you see two options: Export 1 Photo and Export Unmodified Original for 1 Photo. To follow along, select any image in Photos.
However, when it comes to exporting images, you might not know which option to take because so many choices appear quite similar. That includes Photos, which provides a lot of sophisticated functions with a friendly veneer. Apple likes to hide the fuss of technical choices in its software.