EXIF is just a data format. Most cameras, including drone's, attach some information to each photo taken.
The amount of this information and its specifics varies greatly. There are hundreds or even thousands of different tags that the camera can provide. All of them are optional, but some of them are very common and are present in nearly every photo/camera, such as "Date taken", "Exposure time" etc. The camera model is nearly always attached as well (as a text string). These items are well documented and can usually be unambiguously interpreted.
On the other hand, a big chunk of tags are camera-specific "maker notes", and their interpretation will depend on the camera manufacturer. Some of them are well documented, some were reverse-engineered, but more are being added with each new camera. The popular ExifTool is perhaps the most comprehensive EXIF parser/manipulator (albeit command-line). Its documentation has description of most known tags.
Most decent image viewing software (including online services) have the ability to display EXIF info alongside with the image. The more generic ones can only display the most common tags, while the more specialised software can decode most tags, including Maker Notes.
As for the location data, it's fairly comprehensive in theory. The standard has provision for the camera as well as the subject location. However, in practice, I've only seen the camera location being filled. It is much more difficult and ambiguous to ascertain the exact subject location, especially for landscapes.
For example, this is what comes from a DJI Mavic Pro:
GPS Altitude : 324.9 m Above Sea Level
GPS Latitude : 37 deg 35' 30.81" S
GPS Longitude : 144 deg 54' 13.29" E
(Each piece of info here actually uses two EXIF tags: the data and the reference, such as "Above Sea Level"). The altitude here is also the camera (i.e. drone) altitude; it is not height above the ground.
In addition, there is a bunch of DJI-specific tags, which can help you to pinpoint the approximate subject location if you really want to:
Speed X : -0.30
Speed Y : -0.10
Speed Z : +0.00
Pitch : -0.60
Yaw : +113.60
Roll : -3.00
Camera Pitch : -9.50
Camera Yaw : +113.70
Camera Roll : +0.00
Interestingly, DJI doesn't write the barometric height, even though it knows it (and can write it to the srt subtitles to the video).
Of course, your drone can have a different set of data. However, the basic GPS data (i.e. camera location) is fairly universal.