Hi,
Usdview (and record too) seems to ignore subd normals, increasing complexity adds more geometry, but the normals stay the same, resulting in smooth shading on the high res mesh compared to the same mesh with subdivisions baked into the geometry.
See attached screen shots of a cube mesh with a crease weight of 10, showing the same normals and shading with complexity low and very high and then compared with subd baked into the mesh instead.
very high
low
baked
The screenshots are from the latest 24.03 compiled from source, but it can also be observed with older versions and with storm in houdini.
Thanks,
Ben