That totally depends on the value the a.c. adapter feeds compared to the voltage that the ‘other’ leg of the supply is seeing, when you have a 120 V adapter on one leg.

You need to do the maths. P = V × I. V is measured for one leg and guessed (or assumed the same) for the other, while I is measured separately for the two legs. Therefore if the voltage is 5% higher on the leg that’s not measured compared to the voltage on the one that is measured, that is your error - the actual power will be 5% higher than indicated. This of course assumes you’ve calibrated the a.c. voltage to read correctly the voltage that it’s measuring, and the powers too, remembering that tweaking the voltage in emonhub.conf does not affect the power values, those need to be calibrated separately.

When I’ve written the software for it, an emonTx V4 should solve this problem, because you have 3 voltage inputs available in that with the emonVs.

No, power is measured in kW, it’s energy that’s measured in kWh. But you would be correct in that both will be reported low.

You can “correct” the voltage reported by changing the “scales = …” value in emonHub by 9.1% upwards (i.e. multiply by 120.2 / 111.2 ≈ 1.08), and if the currents are correct, then the same factor for power1 & power2 (because the multiplication of voltage and current is one of the first processes, done a long time before the data arrives in emonHub).
If you suspect the currents are not the same and they probably won’t be exactly the same, put both c.t’s on the same leg and adjust one to match the other. Then, with it back in the right place and in the absence of anything better, over a period of time you can then do small and equal adjustments to both power1 & power2 scales so that their total energy agrees with your supplier’s meter.