@Pšenda Perhaps I have been unclear in my explanation. I understand the concept of the master page, and if I wanted to achieve what you describe I would apply an adjustment layer to the picture frame on the master layout - for example an adjustment layer that completely desaturates the image. If I do this it works as expected, and every picture placed into the relevant picture frame on any page that uses that master layout comes out in greyscale as anticipated.
What I am talking about however, is an adjustment layer that is only applied to the specific image that is placed into the picture frame. This adjustment layer only affects that specific image and does not affect any other image on any other page that uses the master layout. This also works as I would expect. I see this adjustment layer as forming part of the 'content' that is placed into the picture frame, rather than a part of the picture frame or its master layout. Regardless, and in spite of Publisher recognising the placed image as 'content' that you are allowed to edit, it locks down the content's 'content' (as it were, namely its unique adjustment layer) as though it was a part of the master layout. This I find undesirable and unfriendly.
@Hangman Thanks for the further clarification. I will follow your advice regarding using 'Edit Detached' rather than 'Edit Linked.' Please excuse my ignorance of the finer details of the software and thank you for your patience.
With regards to making adjustments to the images before placing them in Publisher, you are most likely correct in your approach. I guess I was anticipating that only a handful of images would require changes, I could do these changes in a seamless integrated manner from within publisher, while leaving the source images untouched, and without having to have duplicate 'edited' images stored as well. Perhaps one of the other considerations was that I am still in a draft stage of placing, rearranging, and changing images. Of course, the obvious suggestion might be that when I have finished all this, I should then do the edits in Photo and update the images, which should also be linked rather than embedded...
I would suggest that there may be occasions when it would be useful to edit an image in its Publisher context where the immediate feedback of adjustment layers etc like I have used could be desirable, even if it is the exception rather than the rule (and in my specific photobook case I agree it is not the exception).