I believe PRRenderMan (Pixar’s flavor) converts to micro-polys at rendertime, whereas some other RenderMan compliant renderers actually render parametric surfaces directly.
Like these, AM renders parametric “Hash-splines” directly without ever having a “convert to polys” stage.
Alternatively, Mental Ray, another commonly used production renderer expects polys, no matter if the source geometry is polys, subdivision surfaces, nurbs, displacements, etc. It’s ALWAYS converted to polys at rendertime.
There are advantages to parametric modeling, especially since Hash-splines are completely WYSIWYG.
However, a lot of model work these days is done with subdivision surfaces because they retain many advantages of both poly modeling AND parametric surfaces.
My personal choice is usually sub-d modeling, but in this area, personal preference and project requirements are king.
I think my brain filed it way under some of my cheese knowledge 