As I noted above the derailleur ends up exactly where it's designed to relative to the bolt hole - it's just not a mech that's generally expected to be used on an older steel road bike which generally has the hanger set to put the mech in the right place.I think the reason for the b screw not appearing to be having an effect is that the pivot it acts on is too far from where it needs to be.
The mounting is a bit strange. The bit between the derailleur pivot and the hanger would usually be a claw mount, that would attach to the axle slot, with the pivot ending located over the hanger. In this particular case, though, the extension does not seem to have a claw, so the derailleur ends up too far from where it should be.
They are more often found on city bikes and the like with a single front ring and very wide rear range - the derailleur therefore sites back a bit further so that the sprockets don't foul the jockey wheels - this is the reason the Wolftooth road link exists. Functionally there is no problem with it being where it is, it just doesn't look right.