The image is dynamically generated at request time, so there isn't much Gmail can do, aside from eagerly preloading all images as soon as the email comes in.
But the image request still happens at the time you open the email. Google does not prefetch the images in unopened emails.
And if the image URL is personalized, it can still be correlated with your email address by the sender to record an open. Google does not try to guess which part of the URL they can dump without breaking the image.