Recent image protection mechanisms such as Glaze and Nightshade introduce imperceptible, adversarially designed perturbations intended to disrupt downstream text-to-image generative models. While their empirical effectiveness is known, the internal structure, detectability, and representational behavior of these perturbations remain poorly understood. This study provides a systematic, explainable AI analysis using a unified framework that integrates white-box feature-space inspection and black-box signal-level probing. Through latent-space clustering, feature-channel activation analysis, occlusion-based spatial sensitivity mapping, and frequency-domain characterization, we show that protection mechanisms operate as structured, low-entropy perturbations tightly coupled to underlying image content across representational, spatial, and spectral domains. Protected images preserve content-driven feature organization with protection-specific substructure rather than inducing global representational drift. Detectability is governed by interacting effects of perturbation entropy, spatial deployment, and frequency alignment, with sequential protection amplifying detectable structure rather than suppressing it. Frequency-domain analysis shows that Glaze and Nightshade redistribute energy along dominant image-aligned frequency axes rather than introducing diffuse noise. These findings indicate that contemporary image protection operates through structured feature-level deformation rather than semantic dislocation, explaining why protection signals remain visually subtle yet consistently detectable. This work advances the interpretability of adversarial image protection and informs the design of future defenses and detection strategies for generative AI systems.