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Not sure entirely what you mean exactly. The missiles have to reach the destination at least, so higher altitude should mean long time to target (and higher chance that it runs out of fuel).

Have to check the code in more detail to know for sure; we'd have to optimize that code a number of times.
 
I`ll try to explain myself.

Missle performance is about it's energy. When you launch from high altitute and speed you give your missile some extra potential and kinetic energy which increase it's range. If to speak precisely when you launch to target that is below you your missle has advantage of potential energy. When you launch "upwards" it has disadvatage because missile has to waste energy to gain altitude.

Next, actual effective launch range is largely defined by target course, spead and delta-altitude. Head-on engagements have longer launch distances: target approaches you helping your missile to get to it. So, you launch range can be bigger than actual missle kinetic range. The situation is reversed when you shoot at target's tail - effective launch range is reduced dramaticly. Modern fire control systems keep track of target motion parameters and provide pilot an actual effective launch distance to prevent waste of missiles. AFAIK Russians FCSs event forbid weapon release it target is not within engagement envelope.

Speaking of the game, I would expect two things:
1. Realistic missile energy model.
2. AI shooting only if target is within weapon's engagement envelope.
 
1. This is something we'll work to improve.

2. Aircraft do this against aircraft, and it is also used for torpedo attacks. Land and ship fire at air even if the target can get away, knowing they will waste fuel in evading, which is at least a small victory.
 
I agree that AA missiles used as stand-off weapons works great. Forcing the enemy to run away keeps your assets safe and/orforces them into bingo fuel which is a valid strategy. Stealth aircraft or AMRAAM users often get the upper hand with this.