As fas as I can tell, you've stumbled on the same firmware bug I encountered a while ago.
Profile 1 must always be set to 1080p. Any setting other than 1080p for Profile 1 will "break" the other profiles and cause them to appear "zoomed in" relative to what the camera actually sees.
You can set Profile 2 to 720p and use that for your 720p feed, but leave Profile 1 as 1080p.
By the way, once this happens, the camera may stick in this condition even if you change Profile 1 back to 1080p. If you can't get it to look correct again, try changing the aspect ratio to 4:3, saving, then switching it back to 16:9.