Hello,
Thank you for reaching out and I am happy to assist you with this.
Once I’ve bypassed the page cache, the image you are referring to started loading correctly. However, it seems that you have multiple layers of caching besides W3 Total Cache.
Can you please make sure that all the cache is p[urged and also a server-side/varnish cache and Cloudflare cache?
If that does not help, please disable the settings one by one in Performance>general settings, save the settings and purge the cache after each setting is disabled, and see which one might be causing the issue.
Thanks!