For me, when out of VPS range the symbol shows a person standing next to the triangle (symbol for P3) and shows me the distance from my RC which is of course not the same as distance from the set homepoint. The symbol of a person standing next to the P3 makes sense in that case since it shows that distance assuming the person is holding his RC. This is what I see most of the time because like most I am normally higher than the range of VPS. You can see this demonstrated in photos
here.
Once I get low enough to engage the VPS, the symbol switches to the VPS symbol and it then it shows me the altitude as measured by the VPS system. Switching to the VPS symbol makes sense in that case since the VPS has been engaged.