I think that's specifically true when you're pointing a radar at an aircraft, but is not true for radar altimeters.
When you're pointing a radar at an aircraft, the angular size of the aircraft is 1/r^2, so 1/r^2 of the emitted radiation hits the aircraft. Once emitted from the aircraft, the angular size of radar receiving dish is 1/r^2, so 1/r^2 of that radiation is detected.
With a radar altimeter, you're pointing the radar at the ground. The angular size of the ground is 50% of the sphere, whether you're one foot above the ground or 100,000 feet. (...ok, maybe it's like 49.5% of the sphere...) As long as you're pointing it down-ish, 100% of the emitted radiation hits the ground. There is only one 1/r^2 relationship, on the return leg.