First, the commandment against graven images was given to the Jews and not repeated by Christ (all other commandments He repeated and expanded, see the Sermon on the Mount). So we use natural reason whether to apply this commandment to ourselves: we don't have a revelation from Christ to bind us to that Old Testament commandment.
Second, Christ is incarnate God: he came Himself the image of the invisible God (Colossians 1:15, several similar). Unlike God making Moses cover his face, Jesus showed us His face. When He redeemed our sin, the veil in the Jewish Temple tore in two: this was Moses' veil. From this we conclude that after the preparatory period whcih the Old Testament was in its entirety, Christians are mature enough to understand that they worship not the physical image but God Who is imaged.
The icons of other saints, of course, are not even images of God, so the issue simply does not arise.
But while allowable, what good does it do? The scripture teaches that the contemplaqtion of the heavenly images brings us closer to salvation:
we all beholding the glory of the Lord with open face, are transformed into the same image from glory to glory, as by the Spirit of the Lord (2 Corinthians 3:18)as we have borne the image of the earthly, let us bear also the image of the heavenly. (1 Corinthians 11:49)
So God changed His mind and doesn’t mind graven images now? Oy! Didn’t Jesus say He was not sent to abolish the law but that it was now written on our hearts?