Drop caps are a pain.
I don't know what device makers did, but it is WRONG in many cases.
Every font has a reference (baseline), if the offset for the Drop used that, your (and mine) issue should not exist. EPUB (on multiple devices) looks good, on my K, it is always too low.
BTW IMHO you should always define the placement of a dropcap using one with a descender (eg Q ) if you use only 1 dropped P style.
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