Hello, I want to report that this bug is not specific to macOS, and also affects Linux.
Specifically, I am running Archlinux-packaged emacs 26.3, and am encountering this same issue. Ever since commit 48da60f47a77f4b99b4160fa620f258896ff4da3, org-mode no longer displays inline images for me. I tested this with "emacs -q" and an org-file with a link to a PNG image. Jack