It looks like images that are embedded in the emails in the timeline are no longer visible (or loaded). Only when opening the record (the email activity), the images become visible.
This was not the case before the update of this weekend.
And important, it is only for the Customer Service Hub app. Who also is the app who has this new 'Activity timeline expand/collapse behaviour' (see https://community.dynamics.com/365/f/dynamics-365-general-forum/468830/activity-timeline-expand-collapse-behaviour-change-after-2022-release-wave-2-updates/1287186)

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