Tyler - I don't think that adding a splash screen/image to the OpeningFcn of your GUI is the right way to go. From https://www.mathworks.com/help/matlab/creating_guis/initializing-a-guide-gui.html, the opening function is the first callback in every GUIDE code file. It is executed just before the UI is made visible to the user, but after all the components have been created, i.e., after the components' CreateFcn callbacks, if any, have been run. So it seems a little too late at this point to launch the splash image because the GUI is just about ready to be made visible.
You may want to consider creating a separate GUI which just acts as a splash screen. It would show your image (as the splash) and then start a timer (all from within its OpeningFcn). When the timer expires, the second GUI would be launched and when its OpeningFcn is called and is about to finish, it could then find the handle to the first GUI (the splash screen) and close it. Note that you would need to set the HandleVisibility property to On for the first GUI so that you can find it from your second. See https://www.mathworks.com/matlabcentral/answers/146215-pass-data-between-gui-s for an example.