You set the mesh as updatable after the scene when dealing with the Mesh constructor, not when creating a mesh using the MeshBuilder. So you have two ways of doing it. Another issue is the way you assign the displacement map. The way you do it is wrong, and is the reason it disappears:
https://doc.babylonjs.com/api/classes/babylon.mesh#applydisplacementmap
You need to apply the map like: applyDisplacementMap(displacementmapURL, 1, 250, null, null, null, true);
Instead of having the parameters inside an object.
Look at the following PG using both Mesh and MeshBuilder:
https://playground.babylonjs.com/#NE34YD#1