Here is my precomp with 3 “logos” in it:

Here is my main comp without collapse transformations on for the precomp, as you can see the bounding box is the size of the precomp:

Here is my main comp with collapse transformations on for the precomp, the bounding box has changed to the height of my tallest layer:

Here is the precomp with your sourceRectAtTime expression applied to the anchor point. Notice the anchor point is looking at the precomp size, even though collapse transformations is active.
