All non-text content that is presented to the user has a text alternative that serves the equivalent purpose
and the techniques for it identified with prefix G.
The alt attribute is merely 1 way to accomplish that.
When it's a screenshot of a webpage, a link to the source makes sense as a text alternative, but it might make more sense to eliminate the need for a text alternative altogether.
I see way too many images that could be blockquotes & links, which are often superior to an image: more accessible & more useful to everyone else.
That's often the case of good accessibility: it benefits everyone else.
I tend to explain what it is, and what is the important part. Thinking about it from the perspective of what someone might need to know while also respecting their time. I think "Screen shot of Lemmy post feed with nav bar at top, first post says "blah", second post says "blah blah", third post says...", I think that's too much unnecessary detail. So I'd do something like "Screen shot of Lemmy post feed, showing the third post called "Blah blah" has a green highlight over the first word" or whatever the message is I'm trying to get across with the screenshot.
I don't know if there is etiquette or a specific format but I would write as much as is needed to convey the reason you're including the image (whether that is a sentence or 100 words), striking a balance between making sure someone who is relying on the alt text can understand everything they need to know while also respecting their time.