Is there a way to have two "run into paragraph" anchored frames without extra space?

When I run into this issue with FrameMaker - Working with Content, I either run both anchored frames into the right of the column, or (in your example) reformat the smaller image and display at insertion point in the parentheses currently containing shown at left.

By displaying as one paragraph, the latter would allow you to snug up into the area represented by the red squiggle.

Another solution: Move the description of the Mode of Operation into the paragraph above.

Perhaps the ideal solution: Place both graphics in a single anchored frame, set to Below current baseline and rewrite as needed.

If both are anchored to the first para, it works.

In your example, the right AF is anchored to the 2nd para, which is causing the para to start below the initial AF. Without knowing more about the layout objectives, I have no instant conjectures on other approaches.