When sight elevation is changed the graduations are a measure of how much you are adjusting the rifles alignment to the line of sight. For a known sight base how much to move the sights to change the angle of the rifle by 1’ or 5’ or whatever you need can be calculated, and the sights can be calibrated to that. Gibbs-Metford sights of the 19thC for example are calibrated in degrees and minutes and 5' elevation adjustment on the sights alters the alignment of the barrel to the line of sight by 5'. For a 36" sight base 1 minute of angle is 0.0105". Unless the sight used is made / calibrated for your sight base you will have a close approximation to minute of angle rather than a true measure.
How much difference this will make to the placement of the bullet on the target will depend on load and conditions. I shot at 900 yards at the weekend and had 4' additional elevation compared to last time I shot with the same rifle and same load, due to different wind conditions. A changeable head or tail wind will play havoc with elevation at long range.
Sight adjustment between ranges is not the same due to bullet trajectory. Metford's elevation tables in the 19thC and for a specific load show for example, 200 - 300 yards a 12' change in elevation, 500 - 600 yards a 15' change, and 900 - 1000 yards a 18' minute change.
Many long range riflemen will plot their shots on a target diagram with a minute of angle grid overlay - plotting the fall of shot will help in fine tuning sight adjustment to centre the group. Also keep in mind that we're talking about mean point of impact - you / your rifle may only be holding a 2' - 4' (or whatever) group.
Keeping a record of settings for the rifle / load / conditions helps. One rifle I used at the weekend I had only fired at 300 and 500 yards, but the competition was at 600 yards. I knew from experience / records the sight adjustments made for different rifles to go from 500 - 600 yards, so was able to make a good estimate. My first shot fired hit the bull and I ended up winning the competition. Keep a 'diary' for each rifle.
David