In writer, it is possible to use insert image to embed a link in the odt file. When displaying the context of the odt file via writer, writer automatically fetches the image and renders to the viewer. Of course, if internet access is down, writer cannot render the image. But the main point here is that the image was never copied - only a link to the image is stored in the odt file.
Now to pdf. Writer can be used to export to a pdf. It appears that the resultant pdf file has a copy of the image and not a link to the image. Is is possible to instead have the pdf file just store the link and then the pdf reader would render the image.