This is a regression from 4.27. This is happening because of the change to typed elements. UEditorEngine::PostUndo, when combined with the typed element changes causes the selection set to reorder itself on undo/redo of the nested, selected component.
The typed element changes usually grab the last selected element in the selection set. Prior to the selection set changes, we had special logic which only dealt with actors and components, and prioritized the selected component set over the selected actor set.
We probably need to do some combination of the following:
Expected -> the gizmo is offset and rotated to accurately reflect local space of the static mesh
Actual -> the gizmo uses world space of the root bone, but draws at the correct offset position.
Alternatively, you can get into the same state by redoing some change.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-132003 in the post.