Corona displacement screen size was changed to 4px in render setup, however in Corona displacement mod it still defaults to 2px. I think it should be equal at both places.
The default is now 4px ? That is strange decision, that's like zero displacement unless you're rendering your 8k final and you only displace big stuff like Rock relief. With all due respect to auto-bump, it's not even remotely similar to displacement at all. We could have blended displacement and bump(or normal) map before as well. This simply recreates the same look without the use of bump map but it doesn't enhance the look of displacement at all.
I've tested this quite some in recent days and I personally don't see any improvement at all (yes it's turned on).
To displace fabrics and micro-detail, 0.5px and less is still necessary. This is not real alternative to 2D(Texture-space) displacement that Vray has at all.
I still need 40GB and 160million polies to displace bunch of fabrics on five chairs in simple scene. And up-close, it's still terrible. If 2D displacement definitely isn't coming, then it would good to contemplate geopattern. Because right now Corona can't recreation fraction of the micro-detail Vray or Fstorm can with their alternative methods. We don't have any.
This is more quality-of-life improvement for people who have displacement maps without acompanying normal map than visual quality improvement.