It really does not matter where it is. If it is not disabled (99% chance that it will be) it will break the back siphon at the level it is set at. If it is above water, the hole will shoot out water, so watch the aim....
When reality sets in, it needs to be realized that anything can plug up an anti-siphon hole, and its failure probability is only slightly better than a check valve. (99% vs 100%.) The only sure flood prevention is a sump of sufficient size to contain all power out drain down. If the sump cannot handle the total power out drain down, redesign the sump, the system or both, so that it can, or replace the sump with a sump that can accomodate the power out drain down. Don't depend on active failsafe features to prevent a flood. The only passive flood prevention for power out drain down is sump volume.