Yes . ı tried noise texture with displacement modifier. But the thickness of the fabric and the places where it touches the underlying object are changing. The fabric stays high in some places, and in some places it enters the floor.
I’m not expert in this but your problem might be related to one of these:
1- You unwrapped the mesh. ‘Seams’ might be causing problems/tears.
2- You don’t have ‘Substract’ math node. (And connecting 2 ‘Multiply’ math nodes like that might be wrong)
3- The way you apply Bump map is wrong.