Show PSD, JPEG XL and RAW thumbnails in File Explorer
Install Cobalt Photo, free from the Microsoft Store. File Explorer then shows Photoshop, JPEG XL, camera RAW and other files as pictures instead of icons. There is nothing to set up.
Without Cobalt Photo

With Cobalt Photo

Which files get a thumbnail
| Kind | Files |
|---|---|
| Photoshop | .psd .psb |
| JPEG XL | .jxl |
| Camera RAW | .cr3 .cr2 .crw .nef .nrw .arw .srf .sr2 .raf .orf .rw2 .pef .rwl .3fr .iiq .srw .x3f .kdc .mrw .erf .mos .mef .dng |
| Krita, OpenRaster | .kra .ora |
| TGA | .tga |
| SVG | .svg .svgz |
| macOS icons | .icns |
They show at every size of Explorer's view. Files Windows already reads, such as JPG and PNG, keep the thumbnails Windows gives them.
See it larger in the preview pane
Press Alt+P in File Explorer. The preview pane shows the same files, fitted to the pane, and the picture grows with it.
What to expect
It is free
Thumbnails and the preview pane come with the free viewer: no subscription, no time limit. The conversions in Explorer's right-click menu are part of Cobalt Photo Pro.
You can turn them off
In Settings → File association: Thumbnails in Explorer and Preview pane in Explorer.
See your files as pictures
Thumbnails come with the free viewer. No ads, no time limit.