A read-only image is registered and has the georeferencing updated. When ArcMap is closed and the .aux and world files are removed, the image retains the georeferencing when subsequently displayed in ArcMap.
For read-only rasters, the georeferencing and other information (except the world file) get written to the raster proxy location.
To remove the georeferencing for the read-only image, it is necessary you delete the .aux and .uai (unrestricted access image) files for the raster from the rasterproxies folder.
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