If I'm accurate in thinking that the holes for the barometric altimeter are located on the backside of the watch, this is a HUGE design fault and I can't believe that this made it all the way to production.
You're correct and those are the holes for the barometer sensor. Where else could Garmin have put them without making them more susceptible to rain and debris?
However, today I just noticed that there is a small hole located just underneath the crown of the watch which is connected to the holes underneath the watch, and I tried covering the holes underneath with duct tape leaving just the small hole under the crown to "breath". So far I have had very good elevation data, but I have yet to try it on a sweaty run ;)