Yes another very significant shortcoming of Shopify.
As someone here said its a head scratching/mind boggling weakness which any merchant with a high number of SKUs and/or images ie ALL merchants in 2020 that want to have a visually strong eshop!!
Usually its a cynical way of getting the Shopify merchant to increase his ecommerce overhead needlessly and install yet another paid-for app but check them out here they are left asking on that level too https://apps.shopify.com/collections/image-editing