Maybe it is on purpose, I thought I'd report anyway.

Old: https://web.archive.org/web/20201028041546if_/https://squidfunk.github.io/mkdocs-material/reference/images/#image-alignment

New: https://squidfunk.github.io/mkdocs-material/reference/images/#image-alignment

Caused by flow-root in 9591265

One workaround I found was adding the image to the same paragraph and using <br> everywhere so there is only one paragraph.