If you look at the pointcloud in photoscan, is there any areas that aren't covered? If this is so, then that is the reason. Photoscan will not create DEM where there is no spatial information, even if the holes are filled when meshing. But it will make texture on areas that are filled by meshing. Why this is I don't know, I have only experienced this myself and figured that it must be the case. If anyone knows any better explanation please let me know.