[Regression] AVIF fails to render with The requested resource isn't a valid image for ... received null

Link to the code that reproduces this issue

https://codesandbox.io/p/devbox/brave-goodall-pnz3tm

To Reproduce

1. Open https://codesandbox.io/p/devbox/brave-goodall-pnz3tm
2. View Preview and notice broken image.
3. View terminal and notice output:

 ⨯ The requested resource isn't a valid image for /_next/static/media/atgiftcard.81b93929.avif received null

Current vs. Expected behavior

I expect the image to render.

Provide environment information

Operating System:
  Platform: linux
  Arch: x64
  Version: #1 SMP PREEMPT_DYNAMIC Sun Aug  6 20:05:33 UTC 2023
  Available memory (MB): 4102
  Available CPU cores: 2
Binaries:
  Node: 20.9.0
  npm: 9.8.1
  Yarn: 1.22.19
  pnpm: 8.10.2
Relevant Packages:
  next: 15.6.0-canary.27 // Latest available version is detected (15.6.0-canary.27).
  eslint-config-next: N/A
  react: 19.1.1
  react-dom: 19.1.1
  typescript: 5.3.3
Next.js Config:
  output: N/A

Which area(s) are affected? (Select all that apply)

Image (next/image)

Which stage(s) are affected? (Select all that apply)

next dev (local)

Additional context

I'll do some additional debugging.

Start by running the linked CodeSandbox with Next.js 15.6.0-canary.27 in next dev and confirm the AVIF failure through the next/image area. Trace the image handling involved in the reported error; done means the AVIF renders in the preview without the invalid-image message.