To make allowance for the foreshortened distance, then yes, in theory.It matters not, whether you are shooting up or down (inclination) - POA is always lower.
But to hit the vitals in the centre of the animal, you need to aim higher on the animal's body when shooting from above, and lower when shooting from below.
I think this is more significant.
Same principle as aiming forward if an animal is quartering towards you, and back if it's quartering away.
