Reviewing this topic in multiple discussions it becomes apparent there is a user sentiment sometimes that UE5 is so powerful it just made tessellation/displacement obsolete. But really Epic only said Nanite deprecated the mesh deformation part of Tessellation/Displacement, it never said it replaced the material animation part of Tessellation/Displacement. Because of this, other users who used this latter functionality in UE4 ask for it back in UE5.
But after testing the non-removed WPO, POM, and Bump Offset alternatives in UE5, it really appears more and more that UE5 wouldn’t be powerful enough to incorporate the more compute-heavy Tessellation and Displacement, with all their animatable material features, in all elements of its paradigm. So any mesh-altering overlap with Nanite would have made it an expedient reason to deprecate them.