Appears to be a US thing
At least in part anyway. I just tried entering a trip I know well on a bike here in the UK and was actually surprised to see it select the route I would take - it isn't very long since Google took you out of the way with those locations to send you along main roads. However, no elevation figures.
Google tells me that it is 6.2 miles. Ordnance Survey tell me that end to end it is an overall 300' climb - no easy way to tell the actual amount climbed since it is up and down along the way. On the other hand I give the route one way (uphill) and it quotes the time as 36 minutes which is about right. In the reverse (along the identical route) it states 30 minutes whereas I reckon on it being closer to 20, although admittedly that's on a dedicated road bike, mountain bikes may need to slow down a bit more for corners.
Overall conclusion must be that it obviously knows something of the terrain even if it isn't quoting the precise figures.