Freeze drying removes water at low temperature under vacuum, which preserves the structure and nutrient content of the raw material more completely than heat-based drying methods. B12 is partly lost in cooking, mostly by leaching into cooking liquid, with reported losses in the range of about 10 to 30 percent (Yamaguchi, 1973). Freeze drying uses no heat and no water, so that particular loss does not occur, though we are not aware of a direct side-by-side comparison of cooked and freeze-dried liver. Heme iron is stable under freeze drying conditions and retains its absorption advantage. The resulting powder is shelf stable, portable and has no perceptible liver taste when encapsulated.
What you do not get from capsules: the macronutrient contribution of a full portion of cooked liver. A 100 g portion of cooked liver provides roughly 26 g of protein alongside its micronutrients. A capsule serve weighs a fraction of that, so the protein contribution is negligible. You are taking capsules for the micronutrient density, not for protein.
The mechanism is sublimation: the liver is frozen, then the surrounding pressure is reduced so water passes straight from ice to vapour without a liquid phase. Temperatures stay low throughout, which is why heat-sensitive compounds survive, and it prevents microbial growth without preservatives. If protein is what you are after, Chief's whey and collagen powders are the right tools for that job.