Jun, thank you for the detailed explanation and fix.

> * Cause
> This is because org-latex-preview:
> 1. Runs dvisvgm in the same directory as the .org file, and
> 2. Tells dvisvgm to report the output SVG file names as relative paths
> using ?svgfile, but
> 3. Then expands those file names under temporary-file-directory in
> org-latex-preview--dvisvgm-filter.
>
> So dvisvgm relativizes in one path, then org-latex-preview expands in
> another.
>

I had gathered from other repors that this was the issue, but I didn't
know how to fix it as I don't have dvisvgm 3.2 available yet.  Scanning
the man page for dvisvgm 3.0.3 didn't give me any hits for `svgfile'.

The fix looks very simple, we'll apply it.

Karthik