When you insert a picture in Excel 365 and then try to open the file on another PC or phone, the issue of the picture disappearing and showing an error message could be related to compatibility issues with different versions of Excel. Excel may not support certain image formats or features consistently across all platforms and versions. Additionally, if the picture is linked rather than embedded, it may not be accessible on other devices if the link is broken or the image file is not available.
To ensure that images are retained when sharing Excel files, it is advisable to embed the images directly into the workbook rather than linking them. This way, the images will be part of the file and should display correctly on other devices.
If the issue persists, it may be worth checking for updates or potential bugs in the version of Excel being used, as software updates can sometimes resolve such issues.