ArcGIS Pro 3.4.2: Clicking the Georeferencing button causes the imagery to disappear,

[JamalNUMAN]

ArcGIS Pro 3.4.2: Clicking the Georeferencing button causes the imagery to disappear,

In the screenshots below, I couldn’t figure out why clicking the Georeferencing button causes the imagery to disappear. The “Zoom to Layer” option fails to bring the imagery back into view.

What could be the issue here?

The imagery is attached

[JamalNUMAN]

It seems that I'm unable to clearly explain the issue.

[SimonSchütte_ct]

Add your Image to Contents

Add a reference basemap you want to georeference to

Do not zoom to your image while it is not georeferenced/repositioned!
Depending on the Coordinate System selected the image will be inserted outside of the allowed values (and not be rendered)
Simplified example: 

Instead zoom to the Basemap / your area of interest and then select "Fit to display (while the to be referenced image is selected in Contents)"

[RTPL_AU]

@JamalNUMAN 
There seems to be an issue where the image is sent to the never-never when certain coordinate systems are in play. 
While our colleagues have tried to help by explaining what may be wrong at your end, their expectation was that Pro is behaving as expected. 

In my case, if the map and image to be georef'd are in GDA2020 (un-projected) the image will disappear as soon as you click Zoom to Display.  No matter what you drink or say, it will not come back. 

To test - Change the image and map to a UTM equivalent for the location of interest, and everything works as expected. This issue is quite repeatable on Pro 3.5.x

For your situation - try to set the coordinate system of the image in the Catalog before you add it to a map. Make sure the map and the image are using the same coordsys. 

You don't need any other data in a map to georeference an image; it can make it much easier if you can point & click though.
If you have an image with marks of known location you can add all the control points manually; getting the image to display somewhere in the map so you can add the correct source X & Y is the fiddly bit due to this bug.