This was my test. I put the Mavic in Active Track Mode, Profile setting. Set elevation at 16 feet. Rode my bike slowly down hill, about 12 feet elevation change. Rode back up hill back to home point. The Mavic maintained the same relative distance and position from me the whole time. At the bottom of the hill, visual sensors reported about 4 feet elevation. Back up the hill at home point, it was reading 16 feet again. The Mavic followed the changing terrain with small fluctuations only. I repeated the test weeks later with the same result. I don't know if speed has anything to do with following this way. But it will only work if you are in range of the bottom visual sensors (below 10m).
If you use the Terrain Follow Mode, the Mavic will only ascend with terrain changes, and never descend. I've tested this also.
I have not tested Follow Me Mode.