Well it turns out I am an idiot and the premise of my question was incorrect. I was confused about the size and format by some alternate versions of the same photos that were airdropped, and the ".HEIC" filenames in the shared album. The versions in the shared albums and the versions after using "Import" are virtually identical (although weirdly they lose one pixel of height).
Here's the info pane for an image in the shared album. The ".HEIC" title confused me, but I see now that it's a JPEG.
Here's the version that was imported. The title has changed to ".JPEG" and it has mysteriously lost a single pixel of height, but otherwise it appears exactly the same.
Original question with incorrect premise below:
When someone shares a photo that I want to keep using the Shared Album feature of Photos, my workflow has been to open the shared album in the desktop Photos app, right-click the photo, and choose "Import" from the contextual menu.
Only today I noticed that instead of importing the photo in its original size and format, it converts it from HEIC to JPG at a smaller size.
I know that there are less convenient ways to get the original (for example "Export Unmodified Original" and then re-import) but I wonder: Is there any way to direct the "Import" command to just import the photo without changing it?
This is in the current version of MacOS Monterey 12.3.1.