No. The image is aligned with the text before. The text after has its
baseline aligned with the baseline of the text before, so if the text before
and after are the same size, it will look like it is aligned with both, but
that is just luck, it is only aligned with the text before.
If the text after was say a bigger font than the text before, then the
only way to make the image align with the middle of both would be to make
the text baselines not line up which is bad bad bad.
For many alignment options there is no reasonable way to make it line
up with both sides properly.
Eric