msoHyperlinkInlineShape doesn't work for inline images - vba

Question

Here is a macro, which allows to replace hyperlinks across images.
(How to use it: copy some images to document, then add hyperlinks to each of them, for example, www.google.com, and then, using this macro, you can replace these hyperlinks to something different, for example www.stackoverflow.com. Test file uploaded here: https://ufile.io/qbdcp).
At first, I tried to use
If .Type = msoHyperlinkInlineShape
but for some reason, it doesn't work for inline images, which were copied from file manager (Ctrl-C in file manager, Ctrl-V in Word).
Then, I replaced it to
If .Type = msoHyperlinkShape
and now it works.
But I still wondering why I was forced to change msoHyperlinkInlineShape to msoHyperlinkShape, whereas I use inline pictures. Why msoHyperlinkInlineShape doesn't work?
Sub ReplaceHyperlinks()
Dim HL As Hyperlink
Dim sFind As String
Dim sRepl As String
Dim iCnt As Integer
sFind = InputBox("Find what", "Find Hyperlink")
If Len(sFind) = 0 Then Exit Sub
sRepl = InputBox("Replace with", "Replace Hyperlink")
If Len(sRepl) = 0 Then Exit Sub
iCnt = 0
For Each HL In ActiveDocument.Hyperlinks
With HL
If .Type = msoHyperlinkShape Then ' msoHyperlinkInlineShape will not work for some reason
If InStr(LCase(.Address), LCase(sFind)) Then
.Address = Replace(.Address, sFind, sRepl, , , vbTextCompare)
.ScreenTip = Replace(.ScreenTip, sFind, sRepl, , , vbTextCompare)
On Error Resume Next
.Range.Fields.Update
iCnt = iCnt + 1
End If
If InStr(LCase(.TextToDisplay), LCase(sFind)) Then
.TextToDisplay = Replace(.TextToDisplay, sFind, sRepl, , , vbTextCompare)
.Range.Fields.Update
End If
End If
End With
Next
MsgBox ("Links replaced: " & iCnt)
End Sub