I totally agree. Word is VERY weird when it comes to graphics InlineShapes, and Shapes. If you really really look at the object model, it does start to make sense from a strange Twilight Zone sort of direction.
Frankly, I have moved away from InlineShapes / Shapes as much as possible. I still have to, when dealing with other people's documents. For my own, more and more I am using ActiveX controls. They have direct events that are useful; and they can be scaled easily. There are some oddities there as well.
For example the ActiveX Image control scales the control to the size of the loaded image. On the the other hand, the Label control scales the image to the size of the control - which is MUCH more likely to be the intent.
ALL ActiveX control in a Word document can contain images. While they do not have a .Visible property, they do have well behaved .Height and .Width properties which can shrink the control down to sub-pixel dimensions...which is REALLY weird. This takes serious testing as the viable dimensions are taken directly from the printer driver. As do all screen elements in Word.
Gerry