When you use the Cloudinary Image content block in a page created using the New Cloudpages experience, and choose an image placeholder option under image optimizations, the preview may display the placeholder instead of the actual image. This is a known issue and occurs due to a limitation in Salesforce Marketing Cloud.
The following work arounds can be tried:
- Carry out this edit in a different browser
- While less desirable, you can disable the placeholder option by choosing 'none' for the placeholder.