Yes, the engine characteristics will remain the same all the way up to insane altitudes.
In the aviation world, we generally consider the lapse rate (HP loss at altitude) to be 3% per 1000 feet.
There is a "however" in this equation though. Sometimes, excessively restrictive intake and exhaust plumbing becomes slightly more efficient at lower pressures. In other words, the exhaust scavenges slightly better, and a restrictive filter becomes slightly less restrictive (by percentage) . In this case, the lapse rate may be slightly less than 3%.