Hey Govind,
I can't confirm that the Height Map becomes irrelevant, but it is not required, though. Displacement can make your Toolbag Rendering look better, but maybe you don't want to present your Meshes or Materials with Displacement.
The Height Map could become handy in the Engine again, where you can use the Height Map to Blend between two Materials, like Cobblestone and Sand. The Height Map can be used to Determine where the Sand should 'lay' and where not. The result will be much better than just a simple Alpha Blending.
Regarding the questions you had before (sorry for not answering them):
By Default the Height Map will be converted to a normal map in Substance Painter, yes.
As Described above: The Height map can become really handy, so exporting it into the Engine when you want to blend two materials may be a good idea.
I hope that helps you a bit better to understand how to use a Height Map and what maps are required

Feel free to keep asking, if you are still unsure!
Best Regards