Try it yourself. Create a map with a point layer (include a polygon base layer for reference - these render correctly). Label the polygon layer too, and you will see these will also be misplaced:
 
Rectangle drawRect = new Rectangle(256, 256, map.Width, map.Height);
map.Print(g, drawRect, map.ViewExtents);
 
Polygon layer will be correctly translated by 256, 256, but the Point layer and labeling will not. Adding a g.TranslateTransform() does not work, either.