The problem you are seeing happens because the layer doesn't have a size. You still see the path because it is not clipped to the bounds of the layer. The rotation is applied relative to the center of the layer but without a size that will be (0,0) in it's own coordinate system (same coordinate system as the path uses).
You can see what I mean by setting a strong background color (not fill color) and giving the layer an arbitrary frame. The final frame you want is very likely the bounding box of the path.
At this point you should see that the view rotates around the expected point. Now you can remove the background color again.