Emacs 27 doesn't use ImageMagick by default to display images [1]:
** Emacs no longer defaults to using ImageMagick to display images.
This is due to security and stability concerns with ImageMagick. To
override the default, use 'configure --with-imagemagick'.
[1] https://github.com/emacs-mirror/emacs/blob/emacs-27.1/etc/NEWS#L96-L98