By design the Wait for exist step doesn't record an image for the element. However, you can manually add an image for the element in that step. And if this is the case the fallback to image search (when the find expression doesn't match an element on the page) remains only in the background - there is no message that the element is found by image only in the execution log. 

Steps to reproduce:

1. Use a wait for exist step with an image for the element.
2. Ensure the element find logic will fail to locate the element.
3. Ensure the image will match an image on the page. 
4. Run the test. 

Expected: The element to be located by image as a fallback search criteria and get the message and warning in the execution log for that. 

Actual: The test passes, but never informs that the element was found by image only.