Thank you.

That's exactly what I expected to work, but for some reason this approach failed for me on a new Mac with an empty Photos library. I enabled "Download Originals," but 10+ years of iCloud photos never appeared. There's no manual "fetch all from iCloud" button, no progress indicator, no way to diagnose what's wrong - the sync just silently fails. Luckily, iCloud Photos Downloader bypasses Photos entirely and pulls directly from iCloud.