If you're familiar with using the Shortcuts app and creating an "Open App" shortcut, you can then use the get info and then the drag and drop the photo in. I did have to restart to see the change.
- Open the Shortcuts app.
- On the Shortcuts tab, tap the plus icon at the top right.
- Tap where it says New Shortcut at the top and tap Rename to choose a name for your shortcut. ...
- Tap Add Action to select the action you want this shortcut to perform. ..Open App
- Then right click on the shortcut and select Add to Dock.
- Right click on the new shortcut image in the dock and click show in Finder
Then you can do the drop and drag over the image in there.
Note: my image I used was square and it didn't mask the image to the rounded app icon look, so that could change up the aesthetics.