Assuming that the mouse pointer is parallel to the display and that a light themes is used, the visual click zone is positioned below and to the right of the upper left corner.
E: correct content
E₂ (correction): The visual click zone should be more than 1 px², but it’s not misaligned.
In the cursor metatada you can specify where the click occurs. Personally I always assumed the click would happen at the tip of the arrow, not the shadow below.