How do I get the gear icon to show for video playback in macOS Photos?

Using the Photos app on macOS Big Sur, when I play a video in my library, I see this as the playback bar. screenshot

However, according to various guides I see on the web, the playback bar ought to look something like this.

screenshot

What is the issue here? Is this a change in Big Sur? I am looking for the options that the gear menu usually provides like ‘Trim’ and ‘Export Frame to Pictures’.