Thank you for the detailed reply.
My theme creates something like 10+ thumbnail sizes on top of the default that WP creates – and with a site where we upload new content with lots of images daily this equals a lot of image versions on the server.
If your solution serves all of the various versions, then it sounds like I only need the full version, medium and 150×150 thumbnail. That would for sure save the a lot of space on the server ??