-I is the inverse of -P... the manual gives more information on what is acceptable for the latter:
https://linux.die.net/man/1/tree
-P pattern
List only those files that match the wild-card pattern.
Note: you must use the -a option to also consider those files beginning with a dot . for matching.
Valid wildcard operators are * (any zero or more characters), ? (any single character), [...] (any single character listed between brackets (optional - (dash) for character range may be used: ex: [A-Z]), and [^...] (any single character not listed in brackets) and | separates alternate patterns.
There's no mention of the shell's brace expansion syntax of {a,b}... This expansion is handled by tree, not bash.
And unfortunately you can't specify -I multiple times...
Instead you need to list the full patterns with a pipe (|) to separate them:
tree -I '*.svg|*.png'
Note the use of single quotes to prevent the shell from expanding the asterisk (*) or variables (introduced by a dollar - $).
Note also that it's not even possible to coerce the shell's brace expansion, as shown below:
$ tree -I '*.'{svg,png}
+ tree -I '*.svg' '*.png'
*.png [error opening dir]