If you hover over the pipe it actually says 1:96 in the tooltip?

If yes, then I promise you the elevation is different at both ends. What could be going on is a lack of reporting from the opposite end in the tooltip. If you see C1 then you know it is reporting Connector 1 elevation. If you go to the other side and it doesn't change to C2, then it is still reporting the Connector 1 elevation.

Please verify the elevations with the AutoCAD ID command and that the tooltip is indeed saying 1:96 on that pipe. If it is and the ID command also reports the same elevations, then please upload a DWG for me to look at; I'm confused.