Not able to insert a Macro on top of the image

Issue Summary

We are no longer able to insert any type of macro on top of an image.

This is reproducible on the Data Center: Yes

Steps to Reproduce

• Create a new page
• Insert an image
• Select the image, Go to-> insert macros -> other macros -> select Expand macro ( For example, behaviour is same when we select any kind of macro)
• Preview is showing fine
• But as soon as we click on insert, image and macro both disappears on the page

Expected Results

We expect to see the macro and image inside the macro

Actual Results

We don't see macro and image on the page.
In developer logs, I noticed a 500 internal error while calling the placeholder
Request URL: https://baseurl//rest/tinymce/1/macro/placeholder
Request Method:POST
Status Code:500 Internal Server Error
Referrer Policy:strict-origin-when-cross-origin
Adding the har file for reference.

Workaround

As a temporary workaround, we can first insert the macro in the page and then add an image inside the macro.
We are able to see both the macro and page without any issues.