DJI says it in the manual. Note the AND below. But we all know that DJI manuals are sometimes vague/inaccurate.
I haven't tested with the M2P having these sensors switched on since over water I always switch downward sensors off due to my experience with the P4P:
It tends to get sucked down over water with its ultrasonic sensors being on.
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I reread your post and did not read it correctly before. It helps _positioning_ with no GPS but still, it does not change altitude.