It always starts out in the same spot but once it starts flying around, if you don't chase it it will be hard to find, it never stops until you ram it a few times with the airship. I did look up how to track it down but there is nothing about its flight patterns.
Also, I have a new least favorite part of FFVII. The Iron Giants. I fought Sephiroth again today just for fun before my big plans, and I ran into three of them in a row at the Point of No Return. NOT a good enemy to fight right before the final bosses since they have a lot of HP, they hit for a lot of damage, they have auto-Wall, and running from them can be hard. Good thing I used the W-Item Materia glitch to get lots of Megalixirs. I wish those enemies weren't a thing here, or that you could run from them easier.
I never once used God Mode this playthrough (but I did speed up some parts), but it's amazing how this playthrough I was so overpowered I actually had to hold back against Sephiroth (having Tifa use Flamethrower instead of Bahamut or Ultima, though I did have Yuffie attack regularly) so I could hear the full song. Once all three characters (especially Cloud) got their Limit Breaks in of course (following Supernova), it was all over.