It can vary for different people. I have seen people with high insertions, yet the calf muscle belly is quite large and they can develop decent calves. Likewise i have seen people with low calf insertions whose calves look like tree stumps and have good size yet poor shape.
I'd say my calves are somewhat "high", yet they are ok size (44cm) and i have a fairly small ankle, which gives them a good taper, so to speak.