Yes…a heightmap ( Displacement ) relies on geometry to add effect to your low-poly mesh…But it should be visible…
Here is a set of 3 planes with zero -3-10 subdivisions No sub-d modifier…
better result between zero and 3, but notice zero has an effect without subdivisions…
Did you change the setting in the Material Settings to Displacement or Bump and Displacement?
If you switch to the Cycles Experimental set (why is it still considered experimental anyway), then you can use adaptive subdivision in your modifier which will allow Cycles to determine how much to subdivide your geometry in order to achieve a proper look: