Yes, displacement occurs whenever an object in or on the water pushes some aside, regardless of how much water is actually displaced. According to Archimedes' principle, an object submerged in a fluid experiences an upward buoyant force equal to the weight of the fluid it displaces.

This means that even if an object only pushes aside a small volume of water, it will still experience a buoyant force that can cause it to float or partially float. The principle of displacement is the fundamental concept behind the buoyancy of ships and submarines, as well as the floatation of icebergs.