My opinion is that these values are completely inherited from setupalign,
so you can observe their differences through the following examples:
\starttext\showgrid
\framed[height=2\baselineskip]{Thus,} \blank[2*line]
\framed[align=high,height=2\baselineskip]{Thus,}\blank[2*line]% Similar to
\vbox to 2\baselineskip{something\par\vfill}
\framed[align=low,height=2\baselineskip]{Thus,}% % Similar
to \vbox to 2\baselineskip{\par\vfill\par something}
\stoptext
It should be because of the existence of vfill, so it is said "move down".
When low used with left/right, it will be aligned down on the current line.
When low used with page, it will go down to the current page.
Left/Right and so on should be the value of location,
which determines the relative position of the floats.
autumnus
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