This question came up today and I recorded a video to show that it works in v5.4 at least. The problem raised was that after importing point data from a CSV they could not change the elevation of the imported points.
The test shows that if you bring in points as Grid Only you can use the properties pane and the Change Elevation Command to change the elevations of the points. If you import the points and the importer is set to bring in the data as Grid Points, after import you cannot move the points.
This shows how to make it work.