I prefer elevating and also tilting my cab towards my ears. IMHO it does make a noticeable change to how the rig sounds and specifically can help with boominess.
Whether it's an improvement or not depends on how you like the bass to sound. I like a very clear, articulate sound so I like it. People that like a deep pillowy sound with not a lot of extension in the highs typically do not like it.
There are two things going on with the elevated cab. First you are decoupling the cab from the floor. You may have heard of mutual coupling. This is what happens when you have two identical speakers tight packed. The mutual coupling occurs for frequencies in which the distance between the drivers is within about 1/4 wavelength. So this means the acoustic coupling happens mainly at low frequencies.
The same thing essentially happens if you have a cab on the floor. The floor sort of functions as an acoustic mirror and reflects the sound back, as if there is another speaker on the other side of the floor. So you get similar acoustic coupling when the cab is on the floor. See this article on "space loading"
https://www.prosoundtraining.com/site/wp-content/uploads/2012/03/VOL36_DEC08_Boundaries-1.pdf
When you raise the cab you increase the distance from the floor. Because the sound has to travel a longer distance, the sound decays more so there is less coupling going on. The inverse square law states sound intensity decrease by 6dB for each doubling of distance. Remember the bounce involves a two way trip. The sound travels down to the floor and then bounces back up. At some distance from the floor you enter "whole space" and there is no gain. See the article linked above.
Another thing that happens when you elevate the cab is you get a notch in the low mids that is determined by height. This relates to distance, wavelenght, phase angle, etc. Here's an article on boundary interference that provides a relatively simple explanation:
Speaker Placement 101: Is Speaker-Boundary Interference Killing Your Bass? Essentially the notch will occur where the distance between the driver and the floor equals 1/4 wavelength. See attached Frequency Wavelength Chart. I believe the column labeled "Wavelength to Trap in feet" is the relevant column.
In my experience as both a bass player and an audience member, elevating the bass cab can make a difference in cleaning up the sound in a boomy room.
As far as the horizontal VS vertical array. As a bassplayer, the horizontal array may actually be better, especially if you do not move around. This placement will increase vertical dispersion so you can hear better, but it will limit the horizontal dispersion so the cab is less effective at covering the audience. This is not a concern if the PA carries the bass to the audience.
My last last touring rig was encased in a 16-space rolling rack. I stacked an Eden D210XLT vertically on top of the rack with a Countryman Type-85 wedged under the front edge to tilt it back and aim it at my head. We had full PA with subs and monitors for everyone so my rig was only intended to serve my needs. This rig did not provide heavy lows, but it gave me what I needed. With some bands; one drummer in particular, I had to bring out a D410XLT and put it on the floor, because he wanted more lows.