I also don’t have an answer for marked up iPhone Screen Captures. As you wrote, using SDR Format saves originals as .pngs. Since I also am irritated at the .heic file format for marked up images I tried a few ideas.
Searching for “Markup” in iPhone settings > “No Results”. Searched a bit online also nothing definitive.
Just took a capture, tapped on its briefly displayed lower-left thumbnail, marked it up and chose Share… Save to Files and it appeared, marked up, as a .png (instead of .heic as it does when I mark up an image in Photos App) there. It did not save to Photos App (which I suppose is what happens when you tap the thumbnail). If you’re not doing loads of these, the extra steps might be worthwhile. If you need to do a lot, maybe there is a more efficient way.
If you’re doing the newsletter on a Mac, you could try the following.
I pointed my novice-level knowedge to Shortcuts for a solution, built one as a Quick Action that converted an iphone .heic (used markup on iPhone to add a notation, thus creating the .heic) but the conversion removed the markup I added, so it looked like the original photo, sort of negating the intent. (wanted to duplicate it first but could not find a “duplicate” feature in Shortcuts).
Then I turned my just-beyond-baffled knowledge to Automator and built a short Workflow which is also implemented as a Quick Action and it preserves the added markup in the new jpg file:
The description of “Change Type…” action:
Image files of type BMP (.bmp), GIF (.gif), JPEG (.jpg or .jpeg), JPEG 2000 (.jp2), PDF (single page .pdf), PNG (.png), or TIFF (.tif or .tiff).
doesn’t mention .heic but it still resulted in a .jpg showing the markup when tested on one file.
It would appear to work on multiple files. I’d suggest testing that first and if you are confident this is useful, remove the duplicate step. Or maybe there are even additional actions that would move the duplicates to an external drive or separate folder or something so they are not lost.
So… maybe this helps.