Update for anyone who finds this thread: fixed for me by macOS 27.2 (26B123).
On 27.0.1, Photos search returned nothing on one Mac, even in a brand-new library, while photoanalysisd kept logging "diverging graph versions (701 vs expected 801)". After installing 27.2 and leaving the Mac on overnight, Photos rebuilt its graph, the error stopped, and search works normally. No repair or reset was needed.
If you still see this, update to 27.2 and give Photos a night to re-analyse before trying anything else. I've asked for my Feedback report (FB25135467) to be closed.
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Community
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Apple Developers
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