Elevation does not seem to be available in all complications, and in many the text for the actual elevation is tiny and most of the space is used by that weird graphic. I didn't try the watch face above (since I don't think I will use it) but if you are looking for a watch face that actually shows your elevation, the best option is the Modular face with elevation as the large middle complication. that shows the elevation in large clear type.
The addition of the always on altimeter allows elevation as a continually updating complication, so a pretty cool feature.