Not sure when this started happening, but have recently noticed that the context menu for image files has two very odd entries. I think they are supposed to be 'create with Photos' and 'edit with Photos' but instead they look like some kind of pointer or reference. Screenshot can be seen here:
We should fall back on a nicer string in this situation, so I'm not sure why that isn't happening...
But the underlying issue is that Windows Photos app's registry data is probably pointing to the wrong DLL, which seems to happen to a few people. You should see a similar problem in File Explorer's context menus, although it may fall back on a shorter string that makes the problem less obvious.
One quick thing to try which may fix it:
Right-click a file of the same type, then use Open With to change the default program to something else. Then do the same and change it back.
That may be enough to re-write the registry data with the correct values.
Huh. I changed the default to 'paint,' and the problem went away.
Then I put the default back to 'photos', and the problem returned! I don't mind making the default 'paint,' so my problem is basically solved but something weird still going on with Photos, I guess.