Confluence Image effects do not render

When editing a Confluence page on Atlassian Cloud, images no longer correctly display the properties > effects that have been selected.

Steps to reproduce:
Create confluence page
Attach an image
Select the image in the editor window
Click the image and select properties
Apply any type of effect to the image
Save the page

No image effect is rendered.

Note also that the various effects do not display properly in the properties lightbox.

Update

The effects will still render in Preview, or in the Editor, but will not render when the page is saved