So since the Item Elevator is no more, I played around with the other way of getting way up high and found a consistent way to trigger it, sadly this only works with water, so it's no help in the 2nd dungeon, but quite usefull for getting on the big rocks on the main map to look for pictures.
To do this: Get into any water (pound might be to shallow) Look straight up, jump/dash out of the water, activate your Glider, keep holding Jump(Space) and the Glider (G) key and keep looking up.
If done correctly you should glide into the water and the moment you hit the bottom you get catapulted way up high, from there use Glider however you like, but have materials ready to build a new one mid flight if needed.

Or if you don't have enough time, to negate any fall dmg, just open the menu (Tab) and wait till you're landed -> no fall dmg.
I hope dev leaves this in since it doesn't affect the 2nd Dungeon.
