1) doc issue: align attribute not even listed for Rich Text on https://doc.qt.io/qt-6/richtext-html-subset.html It is listed for Styled text on https://doc.qt.io/qt-6/qml-qtquick-text.html

2) The layout is not consistent between the Styled vs Rich text.

// Styled text:
// top - works
// middle - almost works (the middle of the image is not on the baseline, but close ..)
// bottom - seems wrong (image does not sit exactly on the baseline, but slightly bellow)

// Rich text:
// top - works as if middle was selected
// middle - works as if top was selected
// bottom - works

In Widgets application, top and middle result in the same output. Both work as "middle".

Test code:

Rectangle {
    id: main
    width: 920;
    height: 480
    focus: true
    color: "#dedede"

    Text {
        font.pointSize: 32
        textFormat: Text.RichText
        text: "hello <img src=\"images/face-smile.png\" align=\"bottom\"> world"

        Rectangle {
            color: "red"
            opacity: 0.3
            anchors.fill: parent
        }
    }

I am following this HTML description (https://www.w3.org/TR/html401/struct/objects.html#adef-align-IMG) :

The following values for align concern the object's position with respect to surrounding text:

bottom: means that the bottom of the object should be vertically aligned with the current baseline. This is the default value.
middle: means that the center of the object should be vertically aligned with the current baseline.
top: means that the top of the object should be vertically aligned with the top of the current text line.

Reading HTML docs, and testing on Firefox, things look as I would expect. It seems that Qt implementation needs some fixing.