During playback of a recorded script, we observe click action is performed in a different element

The first thing to try is to adjust the Match Options of the Event in error. BY default they are set to 'Optimized. Try using Intensive instead. This may allow the script to find the element correctly on the page.

If that doesn't work you can try using JavaScript Validation to submit the form. On the page in question, inspect the form element and you can create a simple submit JavaScript entry like the one below:

document.getElementById("myForm").submit();