I just noticed it.
I use Translucent GI a lot for the hair. But I never noticed, that Subdivision Smooth would have no effect once Translucent GI is switched to.
Is this a new bug? Or it was like that all along? Or is it just me?
Given, that Translucency places lots of constrain on system performance and view-port. I got that. So maybe they shut Subdivision OFF for that matter.
But it does not Export the Smooth either when rendering and this is a big problem...
Translucent GI: OFF

Translucent GI: ON