Issue Summary

When you remove a surrounding panel from an excerpt, include a macro containing only an image, it is not visible in edit mode.

When you add some text to that image, it displays tiny.

Steps to Reproduce

1. Create a page in the new editor. Add an excerpt macro to the page. Inside of that macro, add an image. Save the page.
2. Create a second page, also in the new editor. Add an excerpt include macro to that page, and include the excerpt from the first page. Note that both the image and the macro's placeholder are visible in edit mode.
3. Now edit the excerpt include macro, and remove the surrounding panel. If you can still see the macro at this point, publish the page. Now edit the page again, and the macro will disappear (or become impossibly tiny).

Expected Results

There should still be a placeholder for the macro, so you can visualize where it will display once the page is published.

Below is an example of when this works correctly. The below example is with the surrounding panel removed in edit mode.

Actual Results

The page that contains the marked excerpt (in edit mode, new editor)

The page containing the excerpt include with the surrounding panel (in edit mode, also new editor)

On the same page, once you remove the surrounding panel (in edit mode, new editor)

And now with added text on the excerpt source page. In edit mode, it displays the image now, but only as wide as the text:

Workaround

Add more content to the original excerpt macro, or do not remove the surrounding panel.