Not quite. Tessellation is used in conjunction with displacement mapping which reads the height information to move the smaller vertices up or down. This means having a lot of vertices in the terrain mesh and more computer power to process the height data. There's a good article by Nvidia
here.
I suspect FD already uses a form of tessellation and displacement mapping (however described) on the planet surfaces simply to achieve the cratering effect, but it does not have the level of detail in the example "Ghost Recon Wildlands" image shown earlier in this thread. A re-working of the planet surfaces has been announced as part of the Beyond Series Chapter 4 update. Tessellation and displacement mapping may well need work to achieve the detail shown in the
concept art, but it's not going to be easy.