In the 400 Series cameras, the depth pixel value is a measurement from the parallel plane of the imagers and not the absolute range
The documentation for the .NET wrapper in SDK 2.0 has a very simple sample 'Hello World' C# script for detecting the depth of an object.
The SDK also has a more complex sample program called 'Measure'. This one is written in C++, though the explanations of the code will help to give a deeper understanding of how SDK 2.0 handles depth calculation.
To add to what you already mentioned, I think following might as well work.
For any Pixel in depth Image, we can gets x,y, z co-ordinates for that pixel using function rs2_deproject_pixel_to_point
The 3-D co-ordinate which above function returns is a physical point in space w.r.t. camera co-ordinate system. Z value is the actual Depth value. By using x & y values along with Z, one can know the actual distance of that particular point from camera.
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