We must consider both position and orientation.
Consider a single cube like a die. There are 6 faces, so that means there are 6 different faces a cube can have up. For each of these ways, it can be rotated 4 ways. Thus, there are 24 ways to position a single cube.
The total number of possibilities for the positions of pieces of the cube are $27!$. The number of orientations of each cube is $24$, and their are $27$ of them. So the total number of possible composite cubes is:
$$27! \times 24^{27}$$
A $3\times3\times3$ composite cube has:
- $1$ centre piece
- $8$ corner pieces
- $12$ edge pieces
- $6$ middle pieces (centre of each face)
The centre piece must be placed in the middle, but orientation doesn't matter. Thus, if you have a valid composite cube with the centre piece in the right location, three are $24$ variants that are also valid simply by rotating this piece through all possible rotations.
The middle pieces can be placed in any of the middle places. They need the blue face outward, but other than that, can be in any of the $4$ possible rotations. So, if a composite cube is valid, you could make $6!$ valid composite cubes simply be re-positioning the middle pieces. For each of these valid composite cubes, you could take a middle piece and rotate it $4$ ways. Thus, there are $6! \times 4^6$ valid cubes that can be made by repositioning and rotating the middle pieces.
The edge pieces must be placed in the edge. The piece can be in two possible orientations where both outward sides are blue. Thus, given a valid cube, you could re-position the 12 edge pieces in $12!$ different ways. For each positioning, you could orient each edge piece in $2$ ways. Thus, there are $12! \times 2^{12}$ valid cubes that can be made by repositioning and rotating the edge pieces.
Lastly, the corner pieces must be placed at the corner. There are three valid ways that this can be done by rotating them so that the vertex of the three faces remains the vertex of the composite cube. Thus, there are $8!$ ways of positioning these corners in a valid cube, and $8^3$ ways of rotating the corners. So, there are $8! \times 3^8$ valid cubes made from repositioning and rotating the corners.
So, putting this all together, if we divide the number of valid composite cubes by the total number of composite cubes, we will get our answer.
$$\frac{24 \times 8! \times 3^8 \times 12! \times 2^{12} \times 6! \times 4^6}{27! \times 24^{27}}=1.8298051 \times 10^{-37}$$