The camera auto-levels it's vertical position (up/down) when you rotate it left or right while looking at the sky or at the ground (while standing still too, it has nothing to do
Elden Ring patch 1.04 official notes: New event phases for Patches, Sorcery, Colossal weapon updates, and more
Elden Ring Update 1.04 released, adds option to disable camera auto rotate, full patch notes
Elden Ring' update expands Patches' questline and adds plenty of buffs