Wow, it's amazing the variety of solutions that have worked, and also not worked, for people having the same problem!
I have had this issue since I started doing georeferencing work in August, 2017 using ArcMap 10.5. About 70% of the time, when I hit "update georeferencing", the image would shift so that it would be right next to the georeferenced position. The inconsistency made it even more frustrating!
I looked at this thread back in 2017 and tried the solutions that people had suggested, but didn't have any real luck. My best option seemed to be to rectify everything just in case it didn't work, and then if it did, I deleted the rectified image from our server since the rectified images were much larger files.
However, Kyle Bearden's suggestion seemed to help me. So far, clicking "update display" before "update georeferencing" seems to be helping keep things in place. Not sure why this is, but I really appreciate the solution. Thank you!!
Best of luck to anyone else out there having this issue!
(BTW, I tried georeferencing in Pro as a way to familiarize myself with the software and also hopefully avoid the issue, but my experience was that the georeferencing there was even more broken than in ArcMap. Not sure if anyone else has had the same type of experience).
Best,
Katie
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