The answer to your question is "Yes". The higher your anchor is the lower your sight has to be to compensate. I've found that most people, when anchored, have a peep that measures about 5 1/2" to 6" above their nocking point. This can vary according to things like ATA length and drawlength. Shorter ATA bows may require a peep height nearly 7" above the nocking point. It varies from individual to individual. But this should give you an idea of what you are looking for. Withte lower anchor point you will naturally have to raise the site, maybe a lot.

To give you an idea, I anchor pretty much under my jawbone. A typical measurement to my peep is 5 3/4" above my nocking point. With this I cam measure from my stabilizer up to my 20 yard pin and have somewhere around 9". That's me. Your bow may, and probably will be different.

Hope this helps.