Physiological adaptations at altitude

I have seen previous discussions on modifying training intensity at altitude (~1% power loss per 1000ft or other approximations). I was wondering if you receive the same physiological adaptations at the reduced power zones. E.g., If I am at 5000 ft and my normal zones are calculated based on a 300 watt ftp, would time spent in zones calculated using a higher altitude adjusted ftp (so say 285 in this case) produce the same adaptations?

I know this isn’t a critical issue here, but I am just curious. My intuition is that aerobic response would be ok (Vo2Max and below), but just wanted to see if anyone else had opinions or relevant studies.