Depending on how many LTI tools your institution has, the Upload/Embed Image Tool will have it's own real estate on the RCE tool bar or it will show up under the blue V icon in the RCE tool bar. The location and order of the additional tools in the RCE tool bar is based upon the order in which they were added.

If your institution is wanting to rearrange your LTI tool icons, you may find this question and responses regarding the issue within the Canvas Community to be of use. The proposed solution in the Canvas Community requires adding JavaScript.