It depends on how it’s done, and what’s important to the game, if you can do this. If you can see outside the elevator, it obviously has to be really moving a fixed distance. Also, if you’re supposed to know the height you moved it needs to be fixed, so the experience conveys that. The key is to just make it as long as, or longer, than your longest expected load time, or make the door stay closed until it’s done.

For an example, Dark Souls 1 has to have fixed length elevators. The length is totally tied to the physical world. If it changed length to suit loading times, it’d throw off your sense of where you are. Dark Souls 2, many of the elevators are just trying to convey a sense of traveling, not a specific amount of it. The world is abstract, and the transitions are more about a feeling than the actual physical scale. (These two use the exact same system though obviously, but it’s a good example of different goals.)