No worries and thanks for the suggestions.
After playing around with the node editor for another couple of hours, I think I finally nailed the problem and found the solution. In short, the Baked Texture node doesn't like image textures that are scaled down too much before they reach the node. Instead, it wants you to scale the texture within the Baked Texture node directly. Here's my thought process explained:
If you pipe an image texture directly into the Displacement node, all is fine and dandy, even if you scale it down quite a bit (0.1 on XYZ).
However, if you now throw a Baking Texture node into the mix, the result is suddenly a blobby mess and neither increasing the resolution on the Baking Texture node itself nor on the Displacement node can remedy that.
However, if you refrain from scaling the original Image Texture node (leave it at XYZ 1.0) and then scale it down directly on the Baking Texture node (to XYZ 0.1), you get more or less the same result, as if you'd have piped the Image Texture node into the Displacement node directly.
Hope this makes sense and that it saves someone else from pulling their hair out
