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BTW, HTML allows inline SVG with an XML-flavored syntax that interprets <script/> and <title> differently. It's a goldmine for sanitizer escapes. There are completely bonkers syntax switching and error recovery rules that interact with parsing modes (there's even an edge case where a particular attribute value switches between HTML and XML-ish parsing rules).

Don't even try to allow inline <svg> from untrusted sources! (and then you still must sanitise any svg files you host)

If you just serve SVGs through <img> tag it’ll be much safer. I never understood the appeal of inline <svg> anyways.

Inline SVG is stylable with CSS styles in the same HTML page.

Also animatible with the same context (Animation API, etc.) as the parent page, so different SVGs can influence each other’s animations.

Inline reduces round trips.

You can use img with a data url?

It may be using some of the same deserialization machinery, but "parsing" is a broad term that includes things that the sanitizer is doing and that the browser's ordinary content-processing → rendering path does not.

Even with this being a native API, there are still two parsers that need to be maintained. What a native API achieves is to shift the onus for maintaining synchronicity between the two onto the browser makers. That's not nothing, but it's also not the sort of free lunch that some people naively believe it is.