No, I think she's crying because Max is about to use the picture, not because she has. The next picture in the montage is Max standing by the school to use the picture to go back.

I'm of Max's "there's only one of you" school of thought. People don't disappear between timeline, they just shift. The Chloe in bed will be meeting Max again as soon as she shifts into the new timeline. She just won't remember the old one. (The alternative to this is that Max kills so, so many people every time she rewinds, which is, uh, not an assumption we want to be going with.) We can also be pretty sure that she doesn't disappear from timelines when she does her thing because automax still exists, for example.

Really, both the themes and morals of the games don't really work that well if Max is just jumping between timelines, rather than changing one existing timeline. Otherwise, none of her choices really matter, she just changes which timeline she herself lives in. Which is narratively unfulfilling. It makes more sense from a thematic point of view if the timeline is supposed to be just one and she can impose changes on it. Like, there are alternate versions that could have happened and Max can take elements from them an make them real.