I have my iPhone set to capture HEIC, and Dropbox client set to Save HEIC Photos As JPG.
If you take a "Portrait Mode" photo on the iPhone in HEIC, and have Dropbox convert this to JPG, the JPG is unviewable on a Mac running Sierra.
Non "Portrait Mode" photos are viewable fine on Sierra, and Portrait Mode photos that can't be viewed on Sierra, can be viewed on High Sierra.
NOTE: Portrait Mode is not the orientation of the phone, but a special mode that tries to create fake Bokeh by blurring the background through software.
System Info:
iPhone 7+ iOS 11.0.2
Dropbox for iOS v66.2.8
macOS Sierra v10.12.6
macOS High Sierra v10.13
Dropbox for Mac v35.4.20
Please see Screenshots:
macOS Sierra v10.12.6
iOS v11.0.2 iPhone 7+
Dropbox iOS v66.2.8