Any hole position located by marking, aligning a center punch is going to be limited by one's visual acuity. When I had better vision, I liked to think that I could reliably locate holes to +/- .02". anything better than that and I was fooling myself. There will be an error in scribing the layout lines, an error in centering the punch on crossed layout lines, a possible drift of the punch as it is struck, and possible wander of the center drill or drill bit. In a former business endeavor, I drilled or punched many thousands of holes in 16 ga. aluminum using that method.
A well laid out fixture with drill guides should get you within a few thousandths but is only as good as the fixture, as Wreck Wreck said. A dividing head will get you excellent angular accuracy if you are laying out a bolt circle but the can be an error in the circle radius or the location of the circle center.
For accurate layout, I would calculate the x and y coordinates of each hole and use the mill to make precise moves. Or, if you have a DRO with a bolt circle routine, use that.
If center punching the old fashioned way, I use a custom center punch with a sharp tip and about a 30º included angle. This gives me the best possible visual indication of being on the cross scribe marks. After marking the holes with that punch, I follow with a conventional center punch to deepen the punch mark. If I am using a Roper Whitney hole punch , I would just use the first punch as it is sufficient to locate the hole punch