Adding media to a paragraph is as quick as placing the mouse cursor at the beginning of a paragraph, clicking the add new media button, selecting or uploading an image, and choosing its alignment.

The steps are almost exactly the same for blocks. You can use the inserter (+) in the top toolbar or the (+) between blocks then click "Image" (this would be the same as "clicking the add new media button" in your example), upload an image, then click the alignment in the toolbar just above the image.