For client-side rendering of SVGs T5593, we can use <img> but that will fail on some older browsers that don't support SVG natively. The newer <picture> allows for multiple output types and fallback content, which should allow current browsers to pull the SVG source from the <picture> and older non-picture-supporting browsers to use an <img> with rasterized PNG in the fallback content.
However, need to check whether <picture> is well enough supported that we're happy with that.