Having a similar problem to this post:
I don't know that I can do as good of a job of providing clear before/after images because I wasn't using graphical watermarks until recently. That said, if memory serves correctly, I did not see this problem occurring prior to the most recent update (6.4).
The degradation in quality becomes visible after exiting the watermark settings screen (the watermarks look fine in preview) and returning to the export settings screen. The "working" circle spins for a bit (which seems newish; previously it was instantaneous?), and when it stops, the resolution of the watermark becomes visibly worse/pixelated/lowered resolution.
I've tried modifications to the original watermark .PNG file (decreasing size and resolution) with no success. Tips on what else to try? Is this a bug? I can't be the only one encountering this...
Lightroom CC on a Mac running OS 13.2.1
bump. No help? I've tried posting in communities on multiple social media platforms and no one can relate?
Experiencing the same issue here on my iMac. If I apply the logo in a larger size (10 greater) it renders without any issues. If I choose the appropriate (and desired) size of 7 or so it looks great in the preview screen then gets distorted/pixelated in the image presented for export.
I've also noticed that the anchor points are not working properly. That doesn't relly affect me because I prefer manually placing the watermark. Are the two issues interrelated? No way to know.