Answer
Yes, this is expected — starting with UPD7, report logos, images, and signatures are imported into and served from the database, rather than read live from the on-disk graphics folder; that disk-based fallback path is only used if a specific image isn't found in the database at all, so any mismatch after an update points to the database-imported version being different from whatever exists on disk. To force a specific on-disk image back into the database: copy the correct image file into the IFS Home repository, then run a Reconfiguration of IFS Home and choose to import layouts, which re-imports the correct image into the database. Alternatively, deleting that specific image's row directly from the relevant database table (report_images_tab, report_logos_tab, or report_signatures_tab, as applicable) forces the framework to fall back to fetching that image from disk instead. There's no configuration screen for managing these images directly on UPD7 itself — a dedicated 'Report Images' management page (for importing, exporting, deleting, or preventing overwrite of database-stored images/logos/signatures) was added starting with UPD8, though the underlying capability was also available as a single-patchable fix applicable back onto UPD7.