Originally discovered this issue in a personal modpack of mine, I noticed that the overlay shown on screen when having the mekasuit from the Mekanism mod equipped will be offset by the same amount of pixel as that of the hotbar.
As such I went ahead and created a barebones instance of:

Minecraft 1.21.1
NeoForge 21.1.84
Mekanism 10.7.7 + Raised 4.0.1
https://mclo.gs/0ssE3yD

recorded a short clip of me recreation the issue in question for demonstration purposes.

hopefully it can be played in-browser as I otherwise have to rerecord it not using HEVC

If more info is needed, don't hesitate to ask. Could also reference this if it were needed to address to the Mekanism dev if it were more of a problem on their end

So I've been reworking Raised substantially so it now uses a dynamic map of layers that includes registered mod layers on (Neo)Forge. Unfortunately, this functionality is absent on Fabric because no such system exists. However, on Forge-type it now allows you to modify every overlay entry!

Instead of going on an assumption based on the related layer a mod layer is registered adjacent to as being which layer a mod layer should move with, you can now configure each layer. This was not possible without completely gutting the core enum of Raised in favor of using a map. So old configurations will not be compatible and ya gotta start fresh, but hey now the power is in the user's hands.

As you can see, every layer registered for a mod is editable. You can set the direction and displacement of the layer, and which layer it is synced to (including other mod layers).

Also, only actively loaded layers are shown in the config screen and in the commands, so if you have loaded a lot of mods that you don't actually use, you don't have to worry about them showing up. If such a layer is used as a sync for another layer, it will just use the layer's own displacement.

As before, vanilla layers in (Neo)Forge will still be condensed down into 7 layers (like all the individual layers that make up the hotbar area). Technically, if you know what the other layers are that Raised does not provide you in the default config, you can add those and make them move (like the sleep overlay for example). This of course is not going to be possible on Fabric.

Only now saw the changes you made and it feels like quite an upgrade over previously. In fact had dropped both Mekanism and Raised from my pack after some restructuring but this certainly makes me want to add at least one of them back now.
Excited to see it also be published on either platform as for now I only grabbed the latest 1.21.1 artifact available to play around with. Luckily Fabric isn't much I currently care about, at least from a perspective of non-vanilla content.