What PC system are you using? I’m surprised to see how much of an impact the performance has on your system. You’re avoiding testing in real level scenarios, but I conducted some similar basic tests in 5.4 version. Despite an 80x increase in mesh triangles, the performance remains nearly the same. All spheres are static meshes with nanite enabled.
Sphere with first layer of displacement: ~19k Triangles.
Sphere with second layer of displacement: ~1,500,000 Triangles