No, Bitcoin Core won’t parse or preview images, even with 4MB OP_RETURN. But with the larger limit, you could embed big text art or ASCII images right in a transaction, making complex visuals from letters and symbols possible on-chain, way beyond what was doable before. Only actual images/binary would still require extraction to view as pictures; however, it's only logical to expect popular block explorers to quickly add binary extraction features for user convenience.