Have you applied any effects to the Adjustment Layer that would then affect the layers below it?
I was working under the assumption that you could use the Transform functions of the Adjustment Layer, but a VFX Editor friend of mine set me straight. Seems a PreComp or a null layer are the way to go.
Is it odd that the Adjustment Layer is only for adding effects? Seems to me, being that the Adjustment Layer includes the Transform functions when you add it, that those Transform functions would adjust the layers beneath. Thanks for your time Dave.
You can apply a transform effect to the adjustment layer and it will move the layers below. Effect>Distort>Transform
You just need to understand what an adjustment layer does. It basically works on a composite of the layers below it and then renders over top. For example, if you like the dreamy look on footage, create an adjustment layer, apply a fast blur and set the blur to a reasonably high number, set the layer transfer mode to screen and lower the opacity. Note how it works. It doesn't change the opacity or blending mode of the layers below, it just effects how the adjustment layer (which is blurring a composite of the layers below) blends with those layers.