I'm not sure why that didn't work -- maybe something about relative imports from a shadowed component.
I think you can shadow just the image file without shadowing PreviewImage.jsx, if you put it in the correct path: customizations/volto/components/manage/Blocks/Listing/default-image.svg
If you don't have any addons to shadow, you can use customizations/components, however, if you want to introduce shadows of addons, you need to be able to specify which addon you are shadowing and also you need to differentiate between the addon shadows and the Volto code you have already shadowed. So customizations/volto/components is then used.
I often jump straight to using customizations/volto to avoid any future work of moving things about as there's no downside really other than having one extra folder
I don't know if this is the problem, but keep in mind that if you add new override files, you have to completely restart the Volto process. The dev server watches for changes to existing files, but doesn't notice if new files are added.