Can I insert the feature image inside the content, after any paragraph?

we can solve this problem by creating a shortcode so that you can insert the featured image where ever you want through the editor itself.Shortcode is a keyword that we created.Any number of custom shortcodes can be created and used either in template or in editor as like wordpress default shortcodes like .

write a function in functions.php to retrieve featured image .

function myTheme_featured_image($atts, $content){
    $atts = shortcode_atts( array(),$atts, 'featured');
    $post_id = get_the_ID();
     return "<div class="featured_wrapper_div">".
        get_the_post_thumbnail( $post_id, 'thumbnail' ) 
           ."</div>";
}
add_shortcode('featured', 'myTheme_featured_image');

‘featured’ is our custom shortcode name.In your post/ page editor, give the shortcode name like the following where you want the image, after or before any paragraph / any line / anywhere..

[featured][/featured]

you can style the wrapper div ‘featured_wrapper_div’ through style.css so that the image fit as you like.
Since we are adding this in our editor, it will display when you call the_content() in template

Since we are adding this in editor, it will show if you call the_content() in tempalte.

It will work..