With the elevation dial set at 8/3, the apertures ARE zeroed for different distances. The large one is zeroed for 50 yards/200m yards (it will cross the line of sight at 50 yards on the way up, will be about 2" high at 100 yards, and will cross again at around 200m on the way down), and the small one will be zeroed for 300m. That's why you have to lower the sight (by clicking the elevation knob down 2 clicks) for it to be zeroed for 50/200 yards.
Normally, a military rifle will rarely if ever have its elevation knob moved. Virtually all shooting is done with the large aperture, and ranges rarely exceed 200m. When longer range shots are needed, the shooter will flip the aperture, and if the range is known and beyond 300m, only then will the elevation knob be used.
With A1 sights, which have no elevation knob, the only way to change the elevation (aside from adjusting the front sight, which wouldn't be done in a fight) was to flip the sight. One aperture was zeroed for 250m, and the other for 325m. The 250m aperture was used 99% of the time, again because combat ranges rarely exceed 200m.
-Troy