"As soon as periscope is raised"...
After you have changed to a submarine to be controlled?

Yes

I've just tried it out by making a custom mission with 1 sub, 1 ship, 4 Wildcats (all allies). i have a fresh install from a week ago, no mods whatsoever.
I can confirm your first part, planes do have binoculars and the ones from the last controlled unit, a periscope if your last unit was a sub, real binoculars if your last unit was a ship.

However if I switch to the sub I get the persicope with the right view at sea level and in the right position.