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Why ask things that you can

Why ask things that you can check yourself in a minute?

Yes, it will decode (so called) 'raw image data', but in this specific case it is not RAW, but processed 8-bit/3channel data with only 256 different values per channel.

Embedded JPEG previews are not decoded by LibRaw but provided as is (JPEG bytearray)

-- Alex Tutubalin @LibRaw LLC