Build: Corona 5 2019 Oct 03
Old displacement method incorrectly renders maps with map channel 2 or above, if it's assigned to object which has those channels empty. New 2.5D displacement renders the same setup correctly, i.e. it does not displace geometry if channel is empty. BTW, if 1st channel is also empty, then both displacement methods renders correctly (does not displace).
In attached scene, all objects has the same material assigned. Switching between two displacement methods, will give different results.
P.S. Interestingly, old displacement is giving different results with CoronaMix, Mix and Composite maps. Might be part of the same issue. All 3 maps are present in the scene's slate editor, you can try to switch between them and see how it renders differently from each other.