Nitpicking, but if you're writing about text rendering you should know:
Yes, ligatures are really about presentation and not semantics. For example fi (U+FB01) means the same thing as fi; it just looks neater in some situations.
æ (U+00E6) is not a ligature; it's a mostly obsolete character, with different semantics (or phonetics) than ae.
For example, for purely typsetting beauty, your word processor might substitute the ligature fi for the two letters fi (which can f* search, and I resent both the ligature and lazy search function developers). It would never substitute æ for ae; that would misspell the word as much as substituting an o.