That's actually not what I'd like to do
I'd like to hide the information tagged. However, when I add it back in, I don't want the anchored frames to appear in black as I've shown in the screenshots attached. I want no black border to be added around the image.
If you have show condition indicators on when the condition is in the Show column, you will have a border on any anchored frame that has a condition tag, just as you will have a border on a table row or column that has a condition tag.
As I said, if you create a separate condition tag for just the anchored frames that has everything set to as-is, it PROBABLY will not have a border added even when the show condition indicators is on, but you won't be able to use the same condition tag for both the text and the graphic if the conditioned text has to be visibly different from the non-conditioned text when the show condition indicator is on.
If you turn the show indicators off, there will be no border on the graphic frame, but you also will not be able to tell what information has been conditionaled. There is no way to have some condition indicators on and some off.