There are several different hydraulic steering systems. There is the ram assist, which is a simple valve to apply fluid to a cylinder, like in a car or some tractors. Another one is total hydraulic steering, using a steering valve/motor. On the total hydraulic steering, you can manually turn the wheel past the original position. That is why the steering knob is not in the same position you set it up. On my Power-Trac, which is total hydraulic steering, I can turn the wheel as much as I want. Even with the power off, I can still slowly turn the steering wheel.
Valves are available in two different load circuit options: Non-Load Reaction - Steering cylinder ports are blocked in neutral, locking the axle position when the operator releases the steering wheel. Load Reaction - Steering cylinder ports are tied together in neutral, allowing the axle forces to return the steering wheel to it's original position when the wheel is released (similar to steering in an automobile).