Yeah most modern turbos are (designed to be) limited by output pressure, meaning the how fast the turbo spins is restricted by the internal air resistance on the turbine. At altitude, the turbo will be still reach to the same output pressure (boost), but the turbine will spin to a faster RPM to do it since input air density is lower and therefore generates less internal resistance.I think this is a great explanation of how it conceptually works, with the only thing I’d add being that modern turbo engines and the ECUs managing them, tend to do a really good job of fully overcoming elevation related losses until you climb pretty high. What I mean is that the variation between atmospheric pressure at sea level and say 5000 ft can easily be overcome by the turbos spinning up and cramming in more thin air until air volume and pressure reach the desired thresholds up to the point where the system limits (primarily turbine size, turbo RPMs and heat management) mandate it to back off and stop compensating.
What weighs more: a pound of sea level dense air or a pound of thin air at 5k ft? SAME, just requires a bit more of the latter to achieve a pound. At some level of elevation, the thin-ness of the air just becomes such that the turbo can no longer spin fast enough to fully provide the compensating compression and volume due to heat and friction so you experience power loss but I certainly think at elevations up to at least 5000-7500 ft, there probably isn’t any loss at all for newer forced induction motors which cannot be said of naturally aspirated counterparts.
I am sure after a certain altitude, mechanical resistance inside the turbo becomes limiting so the turbine cannot spin any faster even if input pressure decreases, but that is probably above 15k feet range.