In favor of the Microdisplacement:
By painting multiple materials on the same object, unlike the Displace “Modifier” this will have a real effect on the object even with multiple materials.
Attention:
Mircodisplacement only works by setting the Cycles render engine, and you need to be in Render mode to see the effect.
Note:
To adjust the strength of the microdisplacement, use the “Bump” properties from the relevant material module: