Just wanted to report in from my testing. Picked a nice open spot without flight restrictions and setup a short flight plan with <6 waypoints. The max altitude I set was 600'. While executing the plan, Anafi went to 600' and complained all the way between 498' and 600' [exceeded geofence].
After the flight was complete, I ran it again but this time, once at 600', I took manual control. When I did that, I lost FPV. I knew where the Anafi was - hovering right where I left it. I disconnected my iPhone from the controller and plugged it in again. FPV restored. I was able to control the camera, take pictures, etc. Flew manual back to the landing site.
Thanks everyone for their help in sorting this out.
Hopefully Parrot will take care of two things in the next release [I'm running V6.3.1 of Free Flight 6 which was just released]. 1) When GeoFence is OFF, it's OFF. 2) Don't cripple Flight Plan's altitude range.