The depth of the hull while cruising is the result of boat's weight, load distibution and hull's overall shape. It has nothing to do with engine's installation height.
It would have if you used a powerful engine in a rather small boat. Then the engine would enforce it's position in the water against the boat's tendency.
Maybe you are confusing the trim's effect but it's a totaly different matter.
Normally the anticavitation plate of the engine must be level with boat's hull. The heigher you get (towards the surface), will result less drag so engine's rpm will go higher.
All that assuming that you have a 3 blade stainless prop, which requires to be fully submerged. If you switch to 5 blade then you must install the engine even higher, because 5 blade props are supposed to work somehow with 3 blades in the water while the rest 2 are out. The logic is more or less the same. Less moving mass in the water equals less drag and so on.
Michael a.k.a "Bat Falcon"