This is basically the same issue as https://www.drupal.org/node/807126 that was filed against the D6 branch of ImageField. That issue was closed as "fixed" by @quicksketch by pointing to the ImageField Tokens module:

Now with Tokens in core, it makes sense to take advantage of them and use them where possible.
PS: should support transliteration once in core (#904)
PR by @BWPanda: https://github.com/backdrop/backdrop/pull/3068
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Check out this post re: tempstore: https://forum.backdropcms.org/forum/tempstore-table
Which database tables can I saftely empty before DB backup
Hi. I use the "[node:title] | [site:name]" tokens for the main image of news articles, blog posts, and similar publications. It's a quick and practical automatic ALT.
How to Improve SEO Performance in Backdrop CMS
I understand how tokens work, but not so much their practical use in image alt/text (maybe caption?) text. Could you give an example or two?
How to Improve SEO Performance in Backdrop CMS