Ok, so I'm testing the same setup in LightWave as I did in Modo. To my amazement, I get the very same result.
I have a sphere which I have UV mapped in two ways: one UV set 1 is with UDIM 1-8, UV set 2 is the entire sphere in a single tile, square.
The texture map works if I apply it as the diffuse texture
As expected, when the UDIM UV set 1 is active, it doesn't look right.
Yet again as expected with UV set 2
Now: why won't it work correct when I add this to displacement? It's as if it disregards UV set 2 entirely, and does its own thing. In fact, it does not matter whatever kind of projection I throw at it. It will not change!