Unless you specifically want the image to be linked to an external JPG, meaning it can be updated externally, but if it goes missing AC will always warn you with a pop up when opening or publishing the file, I would "paste" it in. Open the image in a default image editor, like Preview on the Mac, then copy. Go to the master sheet layout then paste and resize. This way this is no link to go missing.
The only downsides are that you have to repeat the process if the image file (like a logo) is updated by your graphic designer, or if you want to "crop" part of the image (since that ability is only available as a placed drawing).
For me over the years, I find that pasting it in as a figure is the best option. Also, when saving to DWG, it is saved out as a TIF for your consultants, or whomever you're giving the DWG files to.
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