I photograph well can mean I take good pictures or I look good in photos but if I heard it I would think that you meant that you look good in photos. Typically you'd say you are a good photographer is you were referring to your skill.

I'm a native U.S. English speaker. This kind of question is fascinating. I can't give you any kind of logical answer. All I can say is "it's crazy, but..." 1) you understand the actual meanings correctly, 2) NO, "I photograph well" CAN NOT POSSIBLY mean "I take photographs well." EVEN THOUGH "I photograph animals" means "I take photographs of animals" and "I photograph animals well" means "I take good photographs of animals." "I draw well" means "I make good drawings" "I draw well" CAN NOT POSSIBLY MEAN "I would be good as an artist's model." You can say "I paint well," "I draw well," "I shoot well," but there is no parallel way to say "I take good photographers" or "I am a good photographer."