Hmmm - I've gotten real grief from my better half about this one!
As the ATV4 is downloading images from the iCloud library, I believe it's a caching issue and, depending on the size of the photos concerned, when the cache is full, the ATV will repeat images until it can download a bunch of new photos. Additionally, after about 15 - 20 minutes, I have found that images are replaced with blank screens. Worse still, as time goes on, the repeats / blank screens get more and more frequent until the slide show becomes unwatchable! I have reported this problem to Apple through product feedback, but it wouldn't hurt if you (and everyone else suffering the same problem) report the same. Maybe Apple will listen if enough people annoy them with the same problem...