For example if my hidden rating is ~1400, does that mean my displayed rank should eventually get there if I play enough games? Does it mean I’m as good as a conq 1?
It means you are going to get matched with other people at a 1400 rating. Yeah, I think it means you are as good as one… but it does mean that it will take slightly more time to climb in rank.
The good news is that winning those games at a lower rank gives you many more points, and losses will see a smaller loss in rank! In other words, you will eventually get that rank over the course of many games. You will probably also learn more sharpening your skills against more difficult foes!