A variant:

  docker image ls -a | stdbuf -oL sed -r 's/\s{2,}/\t/g' | { head -n1; tail -n+2 | sort -hrk5 -t$'\t'; } | column -ts$'\t'

I used docker since that's what I have installed and I assume the output is equivalent.

sort's -t is set to tab for field separation.

stdbuf sets sed's output to only buffer a line at a time and flush, so the head in the {...} command group doesn't completely consume stdin's contents before it's passed to tail.

The column command recreates the space-aligned table based on tab-delimited input.