NO. Bad news... Contrary to some sources [source needed], the camera tilt paddle does NOT change Solo's altitude in Multi-Point Cable Cam (version 2.0.0). In normal mode (not FreeLook), both the paddle and the left stick (up/down) have the same effect: they temporarily nudge the camera slightly (as in previous versions). In FreeLook, both the paddle and the left stick (up/down) change the camera's pitch; neither one changes Solo's altitude.
After extensive experimentation today, trying every combination I could think of, it seems to me that there is NO WAY to change Solo's altitude during a running Cable Cam shot, even in FreeLook mode. Even if you exit the shot and adjust altitude, the only way to restart the shot is to return to the saved altitude again, so that doesn't help at all.
This of course means that low-altitude Cable Cam shots are accidents waiting to happen. Since altitudes are never exact, DO NOT fly near the ground anywhere during a Multi-Point Cable Cam shot, since Murphy's Law says that a later "replay" of that saved shot will fly lower than last time and plow into the ground. If you're addicted to adrenaline (welcome to the club!) then at least keep close watch and be ready to punch the PAUSE button.