I'm not certain what's going on here but I have a couple of comments.
First, both of your cameras are rather far away from both of your heightfield terrains. You may have moved your camera where you wanted it and then forgotten to press the "Copy view to current camera" button, it's hard to say. That would certainly explain why things look flat, if your camera position isn't saved as what you thought it was. But if you look around the scene (raise way up and look left, for example) you should see the heightfields. You can also right-click in the 3D preview and choose "Center on object or shader" and find your heightfield shader(s).
Second, your built-in Generated heightfield isn't set to auto-generate, so it's just going to be flat unless you press the Generate button. This too might account for the flatness you're seeing.
Now, your imported heightfield has georeferencing enabled, but I don't have the terrain to load and see where the georef puts it. So it could be anywhere, perhaps even where your camera actually ended up. Maybe the generated terrain is extraneous, I'm not sure.
Finally, in that 2nd image you show, it looks like your camera is *under* the terrani. Look for a little red terrain-like icon in the corner of the compass in the 3D preview. If you see it, it means you're under the terrain.
If none of that helps, as WASasquatch mentioned we probably need to have more of the files to test further, at least the georeferenced terrain. They're almost certainly too large to upload here but you could use WeTransfer,
Mega.nz, etc.
- Oshyan