Symptoms
When you try to open an inline image from an email message in a separate window, a loading image is displayed over the actual image. However, if the message is viewed in the preview window, only the actual image is displayed. This issue specifically occurs for users who access email in Chrome and Edge browsers.
Resolution
To fix this issue, install one of the following updates:
Cumulative Update 12 for Exchange Server 2019 or a later cumulative update for Exchange Server 2019
Cumulative Update 23 for Exchange Server 2016 or a later cumulative update for Exchange Server 2016