From my experience, the caddie chooses the putting meter by the distance with no regard to the elevation.
A good example of what happens when I’m having a brain fart.
The distance is 10.1 ft. The elevation is a drop 4.2” with a .12 green speed. The caddie selects the 20’ meter strength on my Max putter instead of the 10’ meter because the distance is over 10’. (I’m not paying attention because I’m watching Saving Private Ryan at the same time).
I do the math and see I need to hit the 10’ meter at 42%. I pull back and ding the meter. Uh oh, the ball shoots across the green and back on the fairway...