If a site uses any modules that add additional parameters to the the Image URL, then it will html encode any ampersands that should be present to signify those additional parameters, for example, the crop module adds an "h" parameter. This is similar to the issue seen in 🐛 Image links with multiple query parameters have ampersand encoded Fixed
Solution: In this case, Image URL Formatter uses a twig template, so I believe we will need to pass the variables through "|raw". I am not certain if this has any security implications though.
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It's likely this issue predates Contrib.social: some issue and comment data are missing.
As noted at https://www.drupal.org/project/social_media_links/issues/3366866 🐛 Support URLs with multiple query parameters RTBC the raw filter would allow inserting arbitrary HTML tags which certainly does have security implications.