I was thinking of a closer range shot and thinking more of height over bore—and really over simplified the equation so much so—it just is wrong. But you are correct. Here is a good video explaining it—for anyone interested.Ummmm…I’m not so sure about this statement.
Gravity has less effect whether uphill or downhill so your aim point should be lower than level for a given slant range.
Some rangefinders will compensate for this with equivalent horizontal range.