Unlikely - Mine dog-legs too. It goes straight up, then in the loft dog-legs to one side, to exit entirely on one face of the roof. If it were to move below the roof level, there would be evidence of the movement.
I'd guess you mean the chimney is corbeled over to exit the roof at the ridge. It was quite common on older houses for the chimney from the back of the house to do the same and meet at the centre. It meant all the flues from the house could exit from one central stack. At the ridge means it doesn't need to be built as high.
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