This is an age old debate. Does illusion create a holographic image (which blindsight would ignore) or does it affect the mind of the creatures perceiving the illusion in which case blindsight is still fooled?
I think if it was affecting your mind directly, you would get a saving throw - spells like Phantasmal Killer, Hypnotic Pattern, Weird, etc.
Most illusion spells don't offer a saving throw, unless you have a chance to interact with it and realize it's not real. Those would be "holographic" variants.
And even then, spells like Blur, Mirror Image, Invisibility, and Greater Invisibility don't have a save to ignore the illusion -they aren't affecting your mind, they are completely visual.
The Displacer beast and Displacer Cloak both have the illusion temporarily disrupted if you hit them. No saving allowed, you have to interact to the point of doing damage (or holding them in place, in the case of the Displacer Beast).
I don't see anything that would indicate the Displacement effect is something other than a visual illusion.