I've been testing this for over an hour now and here's all that I did and found.
I'm on a Windows 11 gaming PC.
First I opened my game with mods turned on and MCC updated through the CurseForge app. My photos were black and my inventory was missing many items. I don't remember all I had, but I know I had High School homework, a school project, a camera, a digital sketchpad, and paintings. The only items left in their inventories was upgrade parts, graves, and fairy dust. I then took a few selfies, put one on the wall and left the other 4 in my inventory, then saved and exited the game. When it booted back up the new wall selfie was black and the ones in the inventory were gone. I opened another old save and they had the same inventory and photo issues. I closed this save without saving.
Then I moved my mods to an outside folder and created a new mod-less save. Did the selfie thing again and rebooted the game. This time they were all still there. I figured it must be MCC even though I already updated it through CurseForge. So I deleted MCC all together and redownloaded it from the MCC website. Added only that mod to my folder and opened the game. My selfies and inventory were all fine. I figured it was a different mod, so I added the rest of my old mods in chucks, not redownloading them, just moving them back in. Every time the photos and inventory were fine. I now have all my mods back and have been playing about a full sim day and have had no new issues even when traveling to other lots and high school, unfortunately I'd already saved before realizing my stuff was gone, so I didn't get it back, but that old save file I tested and exited without saving had it's stuff back now.
I know that's a lot of text and it's super weird how it just works now, but I figured more info would be better than less. So I'm giving you all the info I have.