Altitude hold, Altitude vario on thrust with Complementary YES, it uses baro to maintaing height. Position hold no, that is a flight mode using all sensors including gps, mag and baro. Baros alone normally are accurate +-14cm but they are not very precise meaning rang of +-14cm can go up and down depending on the noise. Noise is average 0.5m on good revo, on bad clone it is way more chech wiki how to fix that if it happens you have bad cappacitor on yours.
Other considerations affecting altitude hold are vibrations, no case or transparent one, bad foam, chech my post above.