Although it is a "Preload"... the higher the number, the higher you bike will stand - simple fact.
I use it to my advantage all the time.
When it is difficult to center stand - I'll hit the preload to the max... then hike the bike up on the stand then put the preload back. I makes a HUGE difference in my being able to get it on the stand.
I ride alone most of the time - and my head height has me just peeking over the windscreen with the windscreen at it's lowest setting. When my wife climbs on it changes the angle of the bike such that I am now looking through the tippy-top of the windscreen - - - increasing the preload, jacks the rear of the bike "up", and then I am no longer looking through the windscreen.
Yes - - it raises and lowers the bike, by increasing or decreasing the spring pressure.