Not exactly. If you select 30 meters as your RTH value, and fly the drone 20 meters above you then hit RTH the drone will climb the remaining 10 meters and return. However, there is a minimum distance away from your position the drone has to be at before RTH will work. I think it is something like 50 meters.....easy to test. If the drone is above your RTH value it will stay at that altitude until overhead, then descend. As I found above, if the drone is below your position, it will climb all the way up to the RTH altitude before heading back. No worries about cliffs! I would still want it at least 20 meters from a vertical cliff just for an extra margin of safety.
I hope we can see the results of your idea soon!