Quite possibly correct - higher elevation = thinner dryer air.
We always had hunters check their rifle zeros at base camp (about 3,000ft. ASL) when I guided. If from some areas close to the ocean, there was usually re-sighting necessary, with their rifles or bows with sights, however, some lads from Texas who were "instinctive" shooting archers didn't notice any difference. Guys from Eastern Washington, Idaho or Montana saw no difference, usually, unless "the sights had been bumped or damaged by baggage handlers, of course.