Yes , it is both displacement as well as redox reaction( both oxidation and reduction)
Displacement because more reactive metal(copper ) replaces the less reactive metal .
Here copper combines with sulphur to become CuS.
Redox reaction because here both oxidation and reduction is taking place.
Gain of electron is reduction and loss of electron is oxidation
In above Cu(0) is oxidised to Cu(+2) and Hydrogen(+1) is reduced to H(0) by gain of electron so redox reaction is there.