That's what the new vertex displacement is doing. It's not auto, you just set a subdivision level and it displaces based on that subdivision level. Arnold does the exact same thing. The only thing missing, which the developer said they're adding, is auto bump. That's helps you to keep the subdivision levels low and get extra detail via bump mapping. It gives very good results. Even Redshift has a similar option.
Voxel displacement, the older displacement model in octane, ( the one now named to texture displacement) is fast but had a ton of limitations and issues as we've all faced for years.
Standard vertex based subdivision displacement is the only thing that works 100 prevent without any issues. Yes, it's just subdividing the geometry but the idea is that it's done at render time and your viewport doesn't get heavy and it doesn't generate cracks in the geometry like the older displacement model.