Let $h: \mathbb{R}^3 \to \mathbb{R}$ be the usual height function (i.e. $h(x,y,z) = z$). One way that Morse functions on $S^2$ are often described is by picking an embedding $i: S^2 \to \mathbb{R}^3$ and then considering $h \circ i$ which, for a generic embedding will be a Morse function.
Does there exist a Morse function $f : S^2 \to \mathbb{R}$ so that there is no embedding $i: S^2 \to \mathbb{R}^3$ with $f = h \circ i$?
I think that this shows that every Morse function on $S^2$ can be factored through an immersion, but I am interested in embeddings.