Can I ask you question? Are you aligning the cut to the engraving in the Glowforge interface?
You know you can get perfect alignment between the cut and the engraving if you put them into the same SVG file before opening that in the Glowforge interface - you will never have them show up off to the side like that.
For that to happen, you would need to use external drawing software like Illustrator or Inkscape to align the engraving relative to the cut before you save the file. It really eliminates a lot of errors, and you can get perfect cuts/engraves no matter where you place them on the bed.
There’s a discussion here on how to do it in Illustrator, it’s very simple. But you can also do it in Inkscape if you prefer not to buy the Illustrator license.
Hope that helps.