TRON does move up and down a fair bit, but there's very little of that “stomach-drop” feeling with your feet leaving the floor. That's for two reasons. The first is that on a Lightcycle your head points down, not your feet. But the bigger reason is that almost all of TRON's rise-and-drop motion includes a turn.

Yes, TRON Lightcycle / Run at Disney's Magic Kingdom and Shanghai Disneyland does feature drops, though they are characterized more by high-speed momentum than traditional vertical "stomach-flip" drops found on rides like Tower of Terror. The attraction is a launched steel coaster where riders lean forward on "Lightcycles," and while the primary thrill comes from the 60 mph launch and banked curves, there are several "sudden drops" and dips designed to mimic a high-stakes race through the Grid. The ride begins with an outdoor "Upload Conduit" section that involves an upward climb and a sweeping turn, followed by indoor sequences with sharp turns and drops into the dark to avoid "Team Orange." For those sensitive to drops, it is more intense than Seven Dwarfs Mine Train but arguably less "drop-heavy" than Expedition Everest, focusing instead on the unique forward-leaning ride position and immersive lighting effects.