Using QGIS 3.26.1 Buenos Aires.
I am georeferencing orthophotos produced with an RTK drone and Reality Capture software. These are typically a few centimetres out of alignment with one another. Marking four points on the orthophoto shows the expected offsets to apply: However, once this is transformed I'm getting a correct-shaped result but the scaling and the position is way off: (some of this image is cropped for confidentiality). The tiny rectangle to the top left: that's earth. The lats and longs that this is producing have nonsense values like '21375.00N, 29301.56E'.
Everything is ESPG:4326 throughout. I get the same results whether I am manually entering co-ordinates, or whether I am picking from the map, and with multiple different orthophotos shot on different days. The transformation type and resampling method doesn't seem to make a difference.
EPSG:3857: does the problem persist?