Yes it does, and currently (with your Y position set at 0) that distance is the entire height of the page, which means on certain screen sizes it won’t even appear at the top as the screen will be too small to even display the element at all.
When you select ‘Bottom’ as the ‘float relative to’ option, the element will float at the distance between the bottom of your page. relative to the bottom of the user’s screen, which in may cases will be way off the actual screen.
If you want the element to remain at the bottom of the screen, you need to position it at the very bottom of the page (exactly to the pixel), and set the float position to ‘bottom’.
So if you page height is 2600 and your floating group height is 50, make sure the Y position of the floating group is 2150, and the float position is set to bottom.
If you need more info you can read the full workings of floating group positioning in the Bubble manual: Containers - Bubble Docs