Thanks for writing in! The image element is just a container to display whatever image URL you insert. You can set width or maximum width in the image element settings and that’s it. There is no feature in the element that it can crop a rectangle image into a square one. You can use the Settings > Media if you want a cropped image size. And then you can use this image size when you insert a URL into an image element.
The best recommend would be to edit your image in a photo editor and upload a square version. This way, you can make sure that the photo of the person is displayed correctly. Cropping the image may cut the head or parts of a person in you image.
Hope this helps.