You can choose whatever hand height you like, provided that it is not physically uncomfortable for the lady to reach, and does not distort her lines.

If you place the hand high, her right elbow may be higher than her right shoulder. But that is likely to happen with enough height difference that her left elbow will also be higher than her left shoulder. If she has the flexibility for this, it creates a very nice look.

If you want to place the hand lower, you may have to drop your own elbows some to create that without depressing the angle of the forearm. Until recently, slightly descending elbows for the man - and often for both - was perfectly normal. But in the "dancesport" era elbows out of your ears has become the look everyone wants to copy... consequences for the hold being an afterthought.