Official comment
The altitude tags that are placed by the P3 are taken from the barometric altimeter and are relative to the ground. They are accurate in a relative sense but not an absolute sense. To overcome this, we use a ground reference image taken at the takeoff point to lookup that location's actual ASL elevation and add the offset to all the images. The earlier of the posts was likely comparing it to the P2 Vision+ which was terrible with its GPS locations and didn't provide enough precision.