HI again Paulo:
Just want to share our last experience related with this post.
As I already mentioned, we have many projects with P4RTK in which we have precise GPCS with survey GPS .
I have recalculated several of them with the new GEOID REDNAP and the height "offsets" that I had before have virtually disappeared.
I mean, difference in Z axis from 2-3 meters to 2-5 cm.
I made a compound CS last year not with the GEOTIFF, but with one Timble data (the only one I found that Metashape allow), and now I can see that something was wrong with that CS.
I thought, reading several forums posts, that the reason was a bug related with RTK camera or something.
But now I tried with big surface projects with reasonable elevation difference, linear projects measured in 3-4 flights with about 4 kilometers lenght and little projects with only 2 flights: In All of them the elevation accuracy with th enew Compund CS (made with the geotiff you convert for me) remains in a mean of 2-3 centimeters.
Taking account the accuracy of the GCP used for checking XYZ (1cm in XY/ 2 cm in Z), this is a GOAL for us in our survey services.
Thanks again for your helpful contribution.