Great illustration!
Suggest that you check over in the Photos support forum for the best advice on Photos questions..
The experts over there have traditionally warned against trying to store a "working" Photos library on a network drive, especially the Time Capsule as opposed to a specific NAS or Network Attached Storage device......which the Time Capsule is not.
Access to images stored on the Time Capsule will be slow, edits will take a very long time, and worse.....there is very real chance that a communication error between a Mac and the library may corrupt the entire Photos library.
I made that library the main Photos's library and began importing ±1000 photos over the network from my iMac.
If you decide to move forward with transferring the Photos Library......(I am not recommending that you do this)....you would not "export / import" the images, you would simply copy / paste the Photo's Library over to the Time Capsule hard drive.
But again, please ask the Photos experts for advice.
If you do decide to move the images and media over to the Time Capsule drive, how will you back up all the images and other media? (The Time Capsule cannot back itself up, and Time Machine cannot back up a network drive.)
Actually, our network drive a Time Capsule (TC) 4nd gen.
The 4th Gen Time Capsule was discontinued in June 2013, so your Time Capsule is at least 8 years old and as much as 10 depending on when it was placed into service.
The average useful life of this version of the Time Capsule was about 5-6 years. Frankly, at 8 years, both the Time Capsule power supply and hard drive likely are overdue to fail. So, I would think very seriously about using the Time Capsule as a storage device for important data.
Personally, even if I had a new Time Capsule, I would not try to locate the main image library on the Time Capsule, but that's me. You may get other opinions from other users.