Get url path of referenced node image in Twig and Drupal 10

This snippet will definitely save you some time searching for the proper structure, it loops over entity referenced nodes and sets a background image from that node:

{% for trend in paragraph.field_trend_reference %}
  <a href="{{ path('entity.node.canonical', {'node':  trend.entity.id}) }}" target="_blank" class="trends-item" style="background-image:url('{{file_url(trend.entity.field_overview_image_small.0.entity.uri.value)}}');background-size:cover;background-repeat:no-repeat;">
    <h4>{{ trend.entity.label }}</h4>
  </a>
{% endfor %}