Choosing thumbnails in iMovie Projects
In the Photos app you have a function called "Make key photo" and that photo will become the thumbnail for that album. Do you have a similar function in iMovie Projects? It looks as if iMovie randomly chooses a photo/clip to be used as Thumbnail for the Project. And when you SHARE a Project to a file and import it into ATV you get yet another random created Thumbnail.
The first screenshot is from the imported movie in ATV and the other one is from the listing of Projects in iMovie.
iMac, macOS 10.12