Summary (TLDR)...
I noticed that no matter what I do, I cannot get the Smart Controller to show the "Panorama" options on the "Camera" settings tab when using the built in DJI Fly app. You can only see them when you use a Standard Controller.


Equipment Used...
2 x DJI Smart Controllers (both brand new and fully updated - has same issue on both units)
1 x DJI Mavic Air 2 (fully updated)


Detailed Information...
I wanted the original panorama photos to be saved along side the automatically generated (stitched) panorama. The reason is, as most people know, sometimes the drone does a very bad job at stitching the photos if there is a lot of similar pixels, for example when creating a panorama next to the coast where there is a lot of ocean in the shot.  I wanted the original photos so I could use a third party tool to create the panorama then edit it in Photoshop.

To begin with, I made sure I was flying because you cannot even choose "Panorama" mode if you are not in flight. Then I went to the "Camera" settings tab in the DJI Fly app on my Smart Controller. For those who are not aware, the options displayed on the "Camera" tab in the DJI Fly app are context aware so the "Panorama" options are only visible when you are actually currently in "Panorama" mode. Anyway, when I went to the tab on my Smart Controller the options for "Panorama" -> "Photo Type" are no where to be seen. This seems to be a bug (I am willing to be corrected if I am wrong and missed something).

Here is a screenshot showing I was in "Panorama" mode before going to the "Camera" settings tab when using the Smart Controller:


Here is a screenshot showing the "Camera" settings tab on the Smart Controller and the "Panorama" options normally at the top are missing:


For reference here is a screenshot showing the "Camera" settings tab on my iPhone when using the Standard Controller and the "Panorama" options are clearly visible:



Workaround...
To workaround this issue I did the following:
1) Connected my original Standard Controller to my Mavic Air 2 (unbind Smart Controller then bind Standard Controller when prompted).
2) Fly the aircraft (if you do not fly the aircraft you cannot choose the "Panorama" function in the DJI Fly app).
3) Choose the "Panorama" function.
4) Go to the "Camera" settings tab.
5) The extra "Panorama" options for "Photo Type" will be visible.
6) Change the default setting from "Off" to "JPEG" or "RAW".
7) Close the "Camera" settings tab.
8) Take a "Panorama".
9) Land the aircraft.
10) Power off the aircraft.
11) Power on the aircraft.
12) Connect the Smart Controller to my Mavic Air 2 (unbind the Standard Controller then bind the Smart Controller when prompted).
13) Fly the aircraft.
14) Select "Panorama" (note that the "Camera" settings tab will still not display the extra "Panorama" options for "Photo Type" but it will be invisibly set to what you chose in step 6 above.
15) Take a "Panorama".
16) Land the aircraft.
17) Power off the aircraft.
18) Remove the SD card from the aircraft and check the contents on a PC. You will have a seperate folder called "PANORAMA" (with the normal "100MEDIA" folder) that contains the individual panorama photos.


Conclusion...
The "Panorama" -> "Photo Type" options are only visible when using a Standard Controller. When you use the Standard Controller (and your phone) to change the "Panorama" options they remain set for the Smart Controller too as the setting is stored inside the drone. I hope this helps other people to access and change the hidden "Panorama" options when you use a Smart Controller.

Summary (TLDR)...
I noticed that no matter what I do, I cannot get the Smart Controller to show the "Panorama" options on the "Camera" settings tab when using the built in DJI Fly app. You can only see them when you use a Standard Controller.


Equipment Used...
2 x DJI Smart Controllers (both brand new and fully updated - has same issue on both units)
1 x DJI Mavic Air 2 (fully updated)


Detailed Information...
I wanted the original panorama photos to be saved along side the automatically generated (stitched) panorama. The reason is, as most people know, sometimes the drone does a very bad job at stitching the photos if there is a lot of similar pixels, for example when creating a panorama next to the coast where there is a lot of ocean in the shot.  I wanted the original photos so I could use a third party tool to create the panorama then edit it in Photoshop.

To begin with, I made sure I was flying because you cannot even choose "Panorama" mode if you are not in flight. Then I went to the "Camera" settings tab in the DJI Fly app on my Smart Controller. For those who are not aware, the options displayed on the "Camera" tab in the DJI Fly app are context aware so the "Panorama" options are only visible when you are actually currently in "Panorama" mode. Anyway, when I went to the tab on my Smart Controller the options for "Panorama" -> "Photo Type" are no where to be seen. This seems to be a bug (I am willing to be corrected if I am wrong and missed something).

Here is a screenshot showing I was in "Panorama" mode before going to the "Camera" settings tab when using the Smart Controller:


Here is a screenshot showing the "Camera" settings tab on the Smart Controller and the "Panorama" options normally at the top are missing:


For reference here is a screenshot showing the "Camera" settings tab on my iPhone when using the Standard Controller and the "Panorama" options are clearly visible:



Workaround...
To workaround this issue I did the following:
1) Connected my original Standard Controller to my Mavic Air 2 (unbind Smart Controller then bind Standard Controller when prompted).
2) Fly the aircraft (if you do not fly the aircraft you cannot choose the "Panorama" function in the DJI Fly app).
3) Choose the "Panorama" function.
4) Go to the "Camera" settings tab.
5) The extra "Panorama" options for "Photo Type" will be visible.
6) Change the default setting from "Off" to "JPEG" or "RAW".
7) Close the "Camera" settings tab.
8) Take a "Panorama".
9) Land the aircraft.
10) Power off the aircraft.
11) Power on the aircraft.
12) Connect the Smart Controller to my Mavic Air 2 (unbind the Standard Controller then bind the Smart Controller when prompted).
13) Fly the aircraft.
14) Select "Panorama" (note that the "Camera" settings tab will still not display the extra "Panorama" options for "Photo Type" but it will be invisibly set to what you chose in step 6 above.
15) Take a "Panorama".
16) Land the aircraft.
17) Power off the aircraft.
18) Remove the SD card from the aircraft and check the contents on a PC. You will have a seperate folder called "PANORAMA" (with the normal "100MEDIA" folder) that contains the individual panorama photos.


Conclusion...
The "Panorama" -> "Photo Type" options are only visible when using a Standard Controller. When you use the Standard Controller (and your phone) to change the "Panorama" options they remain set for the Smart Controller too as the setting is stored inside the drone. I hope this helps other people to access and change the hidden "Panorama" options when you use a Smart Controller.