If you mean the time-of-flight sensor modules you can find online then their accuracy is far, far below what is needed for levelling etc. It's 'a few mm' in ideal circumstances, 'a few cm' in most realities.
(Edit: re-reading your question, I'm not sure you are talking about the same thing here, but i'd written this anyway so I'll let it stand, the working principles are the same.)
They are, however, really cool sensors in lots of ways. I've built a 'lidar alike' system based on one, it works quite well, if slowly.
https://github.com/easytarget/esp32-cjmcu-531-demo
Good background to the way they work:
https://www.st.com/content/dam/technology-tour-2017/session-1_track-4_time-of-flight-technology.pdf
Because these devices are essentially a small ccd array of individual (single photon) sensors they also support detecting motion across their field of view, as well as the distance. A common use for them is in gesture based (non contact) UI's, and this is where I see them having an application for printer and cnc controllers
