No, in 'my' definition, the "bulge" height depends on the distance between the observer's horizon and the object behind the horizon. In this case, just the distance between the camera and the hull.
But you said:
the bulge is at the horizon
So that does not make sense with "bulge height", when the observer's height is zero (and hence anything "at the horizon" is coincident with the observer. Maybe you should draw a diagram, and indicate what you mean by "bulge height"?