Displacement usually needs to subdivide the mesh no matter how you look at it just to get enough geometry resolution to simulate the ups and downs of a particular texture map – but you can choose to have the mesh subdivided just at render time. A cube made of 6 polygons won’t have enough geometry to make it appear like it is made of rocks so you can choose how much you want to subdivide the geometry in the displacement tab of the material.
Displacement can also round those “extrusions” to reduce jaggies and it can have the texture map take the new geometry into account (think: mapping the tops of mesas vs mapping the tops of mesas AND the cliff face walls as well).
With a bump map, if you look at the edge of the object it will retain the same shape it had before the bump – a sphere will still be a smooth sphere, and this can spoil the illusion. But a displacement is actually moving the geometry around (and often needing finer geometry to do that, hence the subdividing) so that a sphere can look like rough rock.
Taken to an extreme you can use displacement to create entire landscapes from smooth flat planes (search for Quixel megascans) or what are commonly referred to as “Circuit board cities”. Here’s a few pics – scroll down through them – every thing here started as flat smooth surfaces and this is all displacement from textures. Bumps could never do this.
https://imgur.com/a/YMKEhwZ
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