I disagree with the previous posters. I would keep the title on the img element.
According to the HTML5 spec's, the picture element is a container, and dependent on the img element for rendering of its source element choices. In fact, the img element is a requirement for picture, not just as a fallback. Therefore, picture is just a hollow wrapper around img and really doesn't do anything. img remains the primary conveyor of images.
The HTML specification goes on to say...
The picture element is a container which provides multiple sources to
its contained img element...
...and then
...the picture element itself does not display anything; it merely
provides a context for its contained img element that enables it to
choose from multiple URLs
That means the img element continues to represent the image and so in my opinion must have the title element. The fact that the img element's alt still works and title, even when a source image is chosen over img by the browser, shows the image element is what is active in the display. Below is an example of how I design images using the picture element.
<figure aria-labelledby="picturecaption1">
<picture id="picture1">
<source srcset="image.webp" type="image/webp" media="(min-width: 800px)" />
<source srcset="image.gif" type="image/gif" />
<img id="image1" alt="image:Image Alternate Text" title="The Image Description" src="image.jpg" width="200" height="200" loading="lazy" no-referrer="no-referrer" />
</picture>
<figcaption id="picturecaption1">My Image Caption</figcaption>
</figure>