Having exact same issue, and it gets much worse over long distance Today road side-by-side with a friend on a 61 mile ride. He had 10,000+ of climb, which what was expected looking at strava segments, But I only had 8,500. He's using a Wahoo Element Bolt. Considering switching brands to get more accurate date.
I also have the same issue with my 520. I did a 1800m gain spin with a group of lads last week. Most using 520s but a few Wahoos. All have elevation gains ranging from 1600m to 1900m while I had 700m. Again today we did 1100m. My 520 recorded only 520m gain. Both spins had <50% of elevation gain recorded which is much worse than usual. It's always underestimated but not by this much. I've cleaned the port and reset but nothing works. Very frustrating.