  We model the currently available $\gamma$-ray data from the Fermi Large Area
Telescope on Cyg X-3. Thanks to its very strong $\gamma$-ray activity during
2018--2021, the data quality has significantly improved. We study the strong
orbital modulation of the $\gamma$-rays observed during at high $\gamma$-ray
fluxes. The modulation, as found earlier, is well modeled by anisotropic
Compton scattering of the donor blackbody emission by relativistic electrons in
a jet strongly misaligned with respect to the orbital axis. We confirm that
this model fits well both the average $\gamma$-ray modulation light curve and
the spectrum. However, we find that if the jet is aligned with the spin axis of
a rotating black hole, it would undergo geodetic precession with the period of
$\sim$50 years. However, its presence is ruled out by both the $\gamma$-ray and
radio data. Therefore, we consider an alternative model in which the average
jet direction jet is aligned, but it is bent to outside the orbit owing to the
thrust of the donor stellar wind, and thus precesses at the orbital period. The
$\gamma$-ray modulation appears then owing to the variable Doppler boosting of
synchrotron self-Compton jet emission. The model also fits well the data.
However, the fitted bending angle is much larger than the theoretical one based
on the binary and wind parameters as currently known. Thus, both models
disagree with important aspects of our current theoretical understanding of the
system. We discuss possible ways to find the correct model.
