Landscape displacement not working

I’m trying to get displacement working on my landscape material but I’m not seeing any displacement. I’ve enabled Nanite and Tessellation on the landscape material as well as the landscape and built/rebuilt Nanite data.

If I create a regular material instead of a landscape material with landscape layer blend, it works as expected, I get displacement:

However, using an actual landscape material with layer blend gives me no displacement:

I’m working with 5.7.2 built from source.