I have a file which is... approximately Windows-1252 encoded (the correct encoding isn't important for this issue).
Opening the file in Binary mode to display what's really there, I see:
The character code 9F, Latin Capital Letter Y With Diaeresis, is not appearing in the text side of the Binary display and all subsequent characters are misaligned with their hex codes.
It does actually matter which code page the text is in. “ÃÂâ€Â� is in 1250 and “àâ€Â� in 1252, so a file containing both of them can only be saved in UTF-8 (or UTF-16). Those characters are then stored in two bytes each.
The binary view displays each byte value and its corresponding character from the default system ANSI code page. Hence the character display doesn’t match the Unicode code points of those characters.