When Images are downloaded this strips EXIF location (according to the docs and my tests). This is a limitation of the Google Photos API and is covered by bug #112096115.
The current google API does not allow photos to be downloaded at original resolution. This is very important if you are, for example, relying on “Google Photos” as a backup of your photos. You will not be able to use rclone to redownload original images. You could use ‘google takeout’ to recover the original photos as a last resort