I only use the hitch extender on my tractor around the house to move 105s and 101s. I can flip it upside down or right side up to get it level.
I probably would never tow anything in the small receiver on the road for any reason. Emergencies maybe, like towing 16,000lbs home with my Dodge 1500......
I use the flat plate from Tractor Supply to have vertical adjustment.