I think you might be right and this is a limitation, but without Microsoft confirming it directly (fat chance they'll ever do that) it's just supposition. However, based on test results with a 2013 engine workflow:
Publishing Image data type causes a Bad Request error when accessing the field via a workflow
Image or Hyperlink data type works, but only if you specify in the workflow lookup to return the value as a URL: choosing String causes an Internal Server Error
Can anyone else back this one up? It is really looking like a limitation, and I have a gut feeling it is somehow related to the fact REST can't interpret the Publishing Image data type either.