I haven't used the Ozone Imager and am not certain how it works, but most stereo imaging tools convert L/R to M/S, make a Mid/Side ratio adjustment, then convert M/S back to L/R again. Some of them are mulitband, spliting the frequency range into multiple bands prior to doing that with each band, allowing one to affect a different ratio modification for highs verses mids verses lows, for example. In that way a multiband imaging plugin is doing something very similar to EQing Mid/Side, only across specific bands rather than as a continuous EQ curve.
Conversion from L/R to M/S and back again without any ratio change made is looses no information. And if one changes the ratio by a reasonable amount, and leaves that ratio change in place (which is what we are talking about here for the most part), there is no effective loss of signal to noise ratio in the resulting recording.. However if one wanted to revert the modified recording to its original ratio again for some reason, and performs another conversion from L/R to M/S and back to make a ratio modification that is the inverse of the first one, doing so will return the ratio to what it originally was, however the noise floor in whichever channel was reduced will increase by the amount of that reduction. In practical terms this will rarely matter. For one thing we could just go back to the original files.. and even if we did want to do this it probably wouldn't be noticeable with reasonable ratio modifications.
But, think of it this way- If you were to convert from L/R to M/S, then change the ratio to 100% Mid or 100% Side, you are completely eliminating the other channel and there is no getting it back when you convert to L/R again. Same as if you were to pan a stereo recording all the way Left then record that output, there is then no way to pan back to center again later, you've thrown away all Right channel information by panning fully Left. Changing M/S ratio or panning (which is changing L/R ratio) by lesser amounts which don't eliminate the other channel completely will reduce signal to noise ratio by the amount of the change if you later undo that change.