Just came across this older article (from March 2017) I find interesting enough to warrant sharing:
https://adparlor.com/blog/we-ran-557...what-we-found/
A few of those really surprised me. The main takeaway for me personally is to always be doing more testing - as stats don't lie.
Below is a summary. For images please refer to the original article at the link above.
__________________________________________________ ______________________
IMAGES WITH COPY VS IMAGES WITHOUT COPY (WOMEN & MEN)
Result: Ads featuring images without copy produced click-through rates that were 40% higher among women, and 54% higher among men.
DISCOUNT VS NO DISCOUNT (WOMEN & MEN)
Result: Ads that didn’t mention a specific discount amount produced click-through rates that were 46% higher among women, and 43% higher among men.
LOCALIZATION VS NO LOCALIZATION (WOMEN & MEN)
Result: Ads that used localized copy produced click-through rates that were 22% higher among women, and 87% higher among men.
PRODUCT IMAGES VS MODELS WEARING PRODUCTS (WOMEN & MEN)
Result: Ads that focused on a product instead of a model wearing the product produced nominally better click-through rates among women (8% higher) and moderately better click-through rates among men (37% higher).
MULTIPLE PRODUCTS VS SINGLE PRODUCT (WOMEN ONLY)
Result: Ads that focused on a product instead of multiple products produced click-through rates that were 37% higher among women.
SINGLE IMAGE VS CAROUSEL (WOMEN ONLY)
Result: Ads that featured a carousel instead of a single image produced click-through rates that were 23% higher among women.
KEY TAKEAWAYS
So what did we learn from running $557k in e-commerce Facebook ads?
There were a few standout elements that significantly improved the performance of ads shown to both men and women, including:
Awesome! I love it.
To just make things clear are we talking about actual copy in the actual image itself?
- Jeremiah
Yeah I think thats what it says. Text on the images itself.
Another interesting one:
https://adparlor.com/blog/lessons-fr...ram-campaigns/
What I'd be interested in is purchases.
Let's say - for argument's sake - that a carousel does make people click more, but they don't buy. That's not the traffic you want to optimise for, despite higher click through.
There's nothing mentioned about this in the whole article.
So like Amy says - test!
But test the whole funnel.
Yeah good point. Its comparing apples to oranges in a sense.
For example : If you look at the article I shared, then they say there that Ad creatives with text overlay perform better than creative without text overlay. and in original one that Amy shared Ads featuring images without copy produced click-through rates that were higher
So , one is cheaper but another one converts better.
So gathering from both of those articles, their data indicates that images with text perform better for conversions.
But as you said, I guess testing is the way to go.
Ashamed to say, but in my own aff biz I haven't really tracked stuff like that 
Really interesting! Recommending it to our partners!