When enabling the 'images' property on a RichTextFieldDefinition the resolved link/URL contains the context path.
Also a link to a dam image shows the same problem.

So when activating the content (or changing the context path afterwards) the image is not found.
See the print screens RichTextImage-Author.jpg and RichTextImage-Public.jpg
The image didn't show up on the public (attention as long the magnoliaAuthor is running the image is on the public is resolved by the author). I changed both context paths and the behavior was as expected: on both the image and the link was wrong.

If I'm not mistaken, in the former FckEditor the URL was also stored in in the text's property, but the uuid itself was then used for the url creation.