Actually I do not know if you only want to get the normals or the displacement shown in the question. I'll go for the displacement, because this seems more what you want since you are using the Displacement socket on the Material Output.
Two things: Firstly, you don't need a Bump node for displacement, there is a dedicated Displacement node. You can also simply use the Fac output of the Wave Texture node and plug it into the Z socket of a Combine XYZ node, but the Displacement has some options that might be helpful like setting the Scale or Midlevel (the Combine XYZ node works as if Midlevel = 0 and Scale = 1). But what you need is enabling Settings > Surface > Displacement > Displacement Only (or Displacement and Bump if you want bump as well) in the Material Properties:
Secondly, I cannot see it in your screenshots how high the resolution of your mesh is and I suspect it is a simple plane with only four corner vertices. This is not enough if you want displacement - because for displacement you need geometry that can be displaced. Either real geometry from a subdivided mesh or using a Subdivision Surface modifier.
Here is an example showing you the resolution of a plane for a decent displacement result, the orange grid being the mesh resolution and the small black grid inbetween the additional subdivision by a Subdivision Surface modifier set to Simple and Levels = 3. On the left the Fac output of the Wave Texture is plugged into a Combine XYZ node, on the right it is plugged into the Height of a Displacement node. With Midlevel = 0 and Scale = 1, they produce the same result:
Of course you can recreate the Midlevel and Scale option with a Combine XYZ as well: the value you enter as Midlevel first has to be subtracted from the Fac value, then you have to Multiply it with the Scale value. The order is important (at least if you want to replicate the Displacement node settings), first subtract, then multiply. Here I show it with Midlevel = 1 and Scale = 0.2:
By the way, what you can do with the Combine XYZ node directly while you would need Texture Coordinate and Mapping nodes for the Displacement is moving the displaced mesh around horizontally by changing the X and Y values.
Alternatively, you could also use Adaptive Subdivision, which requires you to enable the Feature Set > Experimental in the Render Properties, then appears another setting further down in the Render Properties called Subdivision which allows you to set the Dicing Rate in pixels for renders and viewport, i.e. the resolution of the mesh relative in absolute pixels of the screen/image size.
Then you do not have to subdivide the plane at all, only enable Adaptive Subdivsion in the Subdivision Surface modifier. Note that these shader-based displacements are only visible in rendered view and they only work in Cycles.