Text below the fold
Having the main heading of your page fall below the bottom line of the screen it displays on can lead to a negative engagement, because the text-based signal of “you landed in the right place” may be missing from the initial user experience.
That means it’s possible that key text elements like headings, or in the case where there is no heading, the paragraph font being visible above the fold also matters.
Google reports on any elements that block rendering of above fold content as a negative.
Use the Google Page Speed Insights tool to view results relating to your pages and see if you have any issues with above fold rendering. While not immediately related, it does demonstrate that Google cares whether the viewer will see enough suitable content on first landing on your page, in a timely manner, and without scrolling down.
This may vary depending on Google-bot type as small screens like on mobile devices may need formatting of content so that it appears even higher than on desktop or laptop screens due to the much smaller screen coverage. For this reason, this website has elements that are hidden on some mobile devices and vice versa.