It seems that this question was previously submitted and subsequently closed, but no real solution or explanation was given to the many Excel for Mac users across the internet who continue to search for their way out of this "mess"; by that, I mean the confusion caused dropping the IMAGE function since version MS Office 2021 (Version 2301 build 16026.20146).
I currently run the Microsoft® Excel for Mac Version 16.63.1 (22071301)], but I found a way to deal with the issue after many failed attempts at finding the solution across any internet forums.
Most responses to this lack of "Picture in Cell" function in Excel for Mac users since 2021, illustrate steps that refer to versions of Excel for Mac prior to the 2021 release (as explained above) or simply refers] to various versions of Excel for PC, which still contain the IMAGE function (to my recollection)
Solution to enable missing IMAGE function to place "Picture in Cell":
=@_xlfn.IMAGE(B2)
Description:
=@_xlfn.IMAGE(B2) "Formula inserted in targeted cell where image or picture will be placed"
B2 contains image URL
@_xlfn "The XLFN prefix in Excel formulas indicates that the current Microsoft Excel version does not support the given function."
Tip:
Image size is scaled by enlarging row-height and column-width accordingly (Image ratio is fixed by default)
Hope this helps! 😉