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Jake Archibald digs into how bizarrely media queries can behave when embedded into a <style> block inside the SVG itself and then used in a variety of different ways across different browsers. The results are spotty at best.
It would be nice to see this reined in, but I wouldn’t worry too much about it in general. Inline SVG doesn’t seem to have any trouble and I wouldn’t trust an <img> do anything fancy like have internal media queries anyway.