Thought this was an interesting find. I was wondering why the default planet had a default Elevation Value (Y) range hovering around -7m under the camera with a constant color fed into it.
I figured out the planet size is what determines the starting elevation (maybe other factors too?). Incidentally the ground level accuracy seems to fade as you sample (mouse hover) the terrain further away from the camera.
Default Planet Size: 6.378e+006
Near Perfect Zero Elevation Planet (ie Ground Level near Y=0mm): 6.378000001e+006
Why I used a Constant Color fed into the Planet node was because even with just the Default Base colours (Power fractal shader v3) node fed into the Planet I was still seeing some slight displacements (Displacement Tab "Apply displacement" unchecked/off).
I disabled the default Fractal Terrain, Warp, Compute Terrain nodes, and even disconnected graph. I couldn't understand where the displacements were coming from, so I tried the Constant Color. I'm still on TG 4.4.67 for reference.
Anyway, I thought that was interesting so I hope it tickles your curiosity.
Derek