The old .doc format was never "a dump of Word's working memory", implying copy of raw bytes. It's rather Word's internal object graph serialized into COM Structured Storage (
https://en.wikipedia.org/wiki/COM_Structured_Storage), which is basically a FAT-like filesystem inside a single file. This is convenient for the app because it gets an FS-like API and can serialize data into as many "files" as is convenient, and dynamically update data inside without overwriting the entire container file every time (which, back when this all was designed in late 80s - early 90s, would be slow).
Thus the reason why you could end up with old bits of a Word document sticking around inside the .doc is the same as to why your FS has bits of deleted files: the space has been marked as free, and nothing else overwrote it yet.
But none of this applies to images, so the explanation here ought to be different.