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As for the UpMap, something I didn't know before doing mine was that it puts the ECU into open-loop, meaning it disregards the readings from the o2/lambda sensors. This is not terrible but also not ideal if you will be widely varying elevations and temperatures, expect that the bike's mpg (and thus its range) may take a bit of a hit.
Open loop operation still adjusts fine for elevation or temperature. It just doesn't tweak the map or fuel trim further based on the lambda sensor because, as you pointed out, the ECU is no longer paying attention to that. But closed loop operation has always been first and foremost about l safely leaning out mixtures as much as possible at the right times to reduce emissions. It was never really about efficiency or performance.
How does the ECU know the elevation?From the systems I am familiar with, mostly Honda's PGM-FI, it doesn't have any direct way to know elevation (other than bikes where you can set the elevation manually!) but instead uses the narrowband o2 sensor(s) to read lean or rich (though it doesn't know how much in either direction), so as you go up in elevation and the mixture would get more rich it reads that and trims fuel instead.