Hi Ghoti,Its a fresh installation with content migrated from teamsite 6.7.2
This is a known bug and was fixed in 7.4.1.1 (Update 1).
I had the same issue: /t5/LiveSite/TeamSite-7-4-1-component-preview-wrong-context/m-p/189978#U189978
Thanks Zaarin.
Also, let me know do we need to reistall TS with update 1??
No. You can install update 1 over the top of TS 7.4.1. I've done this and didn't have an issue.