Yes the first person camera is child of main camera, and the arms are parented to it at runtime. That is normal behavior.
Now once again the demo presets are designed for the demo arms, which have a different pivot point(centred to mass of arms).
You can try replicate this origin in blender, by importing the model into blender, selecting affect origin only, and moving it up, then zero out the model(after unchecking affect origin only), apply transform and export to unity. which I do recommend as even though you will still need to adjust presets or make your own, this will get you much closer to begin tuning.
Verse yourself with how presets are used, they are a vital part of the UCC system and as painful as it may seem(at first) to setup your own character, the presets and state system is a HUGE part of what make UCC so ever capable. Once you get your head around the states and presets you will love it, and take off with flying colours. You'll then also find once you have setup character state profile or any state profile, you can add it to the list of ready to go presets in the StateConfiguration asset for later use, saving the need to redo this for each character.
To clear up why the camera is at head position and arms are what need tuning, is the fact that if the camera was higher or not at head height, then when playing in fps view you would sure notice it, and it would not feel right(human like) at all.