Update - I just added a fix for this. It should roll out to instances as they update depending on the version of piefed they are running.
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It's live on piefed.social now.
Thank you so much!!! :)
This should be possible, so this is a bug. Looking at the code, I see where the issue is. I was just making some changes in the alt text code the other day, so it's pretty fresh in my head (I didn't cause this problem fortunately). I will push a fix in the next day or two.
Thanks for pointing it out!
If you really want to change the alt text in the meantime, your changes will be recorded if the url pointing to the image also changes. Currently, the code checks that both the image url and the alt text changes before it updates the alt text.