Well, yes you are possibly correct but only a very tiny amount. You raise or lower the tongue by moving the hitch head up or down on the shank.
Changing the tilt of the head will affect the load on the WD bars which may lift or lower the hitch had a small amount. What is important is the amount of weight transfer that takes place and the attitude of the spring bars which also determines the number of links under tension for a given amount of WD.
You are on the right track and each adjustment affects the other so it is trial and error to get things right in most cases. :)
As I said earlier, if you are happy with the amount of weight transfer and have at least 5 links under tension then I would go camping! :)
Barney