@HelloHiHola
You got the message right. Nice one. You have some interesting panel there. Bake, and use, an AO map too.
It’s essential, especially for low poly assets where only bumps will be used. Here an example. Displaced ~500K
Here at ~8k, displace modifier is off. (it looks great at 2K from a distance but curves start looking ugly)
You can bake the AO map (BI, to active as usual) but this isn’t of good quality.
As this is a simple panel case, I used parallel view and rendered the AO in Cycles. A premier of cycles in baking LOL.
I spent a few more minutes to trim it as layer in Ps, on top of the Displacement exr. (make the layer as multiply to preview)
Watch how displ and AO exr can be used in cycles nodes. In many other possible ways I guess.