As Pilot141 said, the gross disturbance of altitude in turbulence is 10-20 feet at most. But that’s NOT the amplitude of an individual bump.
When you’re bouncing along in typical uncomfortable “chop”, you’re bumping up and down a few inches each time. Over the course of 30 seconds or so (i.e. 4 miles forward progress and 40-50 individual bumps), the overall effect will move the airplane up or down 10-20 feet.
The slope of a 20 foot change in 4 miles is imperceptible.
You can get a worse ride on a dirt road at 40 mph, and you know the car’s only moving a few inches vertically.
Think about it. If you have a book or a soda sitting on your tray table and the table suddenly dropped 10 feet, wouldn’t the item end up bouncing off the ceiling as the ceiling came down to where the floor used to be?
If you bounced upwards, when the upward motion stopped wouldn’t the item tend to keep going, at least a little (Newton’s laws and all that?) The fact it moves only a smidgen, vibrating relative to your tray table, ought to give you a clue about the magnitude of the motions and forces involved.
The idea of 500 foot “drops” or “air pockets” is crazy. Can severe turbulence cause a 500 foot change in altitude? Yes. But spread over several seconds and a mile of distance. We’re not talking “fall off a cliff” here, we’re talking “slide down a shallow hill.”
The atmosphere does contain turbulence able to destroy an airplane. It lives inside large thunderstorms and tornadoes and such. That’s the reason thunderstorms create such havoc on the schedule when they fill the sky near an airport or along or across a major traffic route. They’re dangerous, so we give them a wide berth. Avoiding that is deadly serious business.
But the typical bumpiness enroute, or passing through rain or overcast during climb or descent is a totally different animal.
Psychologically, being a passenger is rough. You’re packed in so your personal space is massively violated and you’re helpless and you’re trapped in a situation you defeintely don’t control and mostly don’t understand. All those things are recipes for an emotional reaction ranging from mild discomfort to raging panic. That’s human nature and it’s a good thing in most situations. But it also leads to unneccesary, and unhelpful, anxiety in these situations.
Relax. I know that’s unnatural, but try your best.
As to fuel consumption versus altitude, consider this analogy: Go to the beach. Wade out into the water until it’s hip deep. Now start jogging parrellel to the shore. Pretty hard huh?. Move shorewards until the water’s knee deep. Jogging’s a lot easier. Move shorewards until the water’s ankle deep. Jogging’s almost the same as on dry land.
We cruise at a an altitude where the atmosphere is about 1/3rd the normal density or “thickness”. By climbing 2/3rd of the way out the top, we effectively do the same thing as the jogger going from hip deep to ankle deep. Major improvement in fuel consumption.