new pano / new HDR merge using RAW files

[stuck]

Both the pano and HDR merge features allow you to select RAW files as the source images.  If you do that, what does Photo actually do?  Does it:

1.  silently use the Develop persona, i.e. demosiac the data by applying some built in settings, and then merge that auto-converted RAW data
2.  simply extract the embedded JPEG from the RAW file and merge that data
3.  some other magic

Thanks

[Old Bruce]

1 hour ago, stuck said:

 silently use the Develop persona,

This. To the best of my knowledge it applies the default settings, as though you opened a raw file and hit the Develop button right away.

[David in Яuislip]

For panoramas I always develop into tiffs with lens correction applied then stitch those, regardless of the overlap I find this works better. Additionally there are many instances where Photo doesn't recognise the lens so no correction will be applied and that won't help
Earlier today I was playing with some old images taken with a Tamron SP AF 17-50mm, although this is in the lens database it isn't auto selected because of an error so I rebuilt it using lensfun and now it works

[stuck]

Thank you!