Virtual Layer Displacement is a Blender addon from CG-Mechanics for blending two PBR materials based on their height. You set up two texture sets inside a single material, then press the button to combine them. The addon began as a node group and is now a full addon, with version 2.2 the current release.
Control over the blend comes from a few inputs. A level slider lets you quickly layer the two materials, and adding an image texture gives more precise mixing. The VarStrength slider adjusts the deformation strength.
The addon supports Blender 3.6 and works with both the Cycles and Eevee render engines. It ships with documentation and is released under the GPL license. On superhive it holds a 5-star rating from 8 reviews, and a demo video is available.