How Is a Computer Able to Store and Quickly Manipulate All the Data Required For A Computer Display?
You're confusing the number of possible values that a pixel can display with the amount of data being shown at any given instance. The number you give is the number of possible pixel states that your display can be in, multiplied by the number of pixels, which isn't really a meaningful number.

(EDIT: As Mehrdad and phihag point out, I'd incorrectly assumed you'd given the number of possible images. That number is actually $(256 \times 256 \times 256) ^ {1920 \times 1080}$, which is much larger than your number.)

The important detail is, at any time, a pixel is only in one state.

There are 256 possible values for each pixel, but we only are in one of them at any given time.

Any number between 0 and 255 can be encoded using 8-bits, just the same way you can write any number between 0 and 999999 using only 6 decimal digits. So there are 24 bits per pixel, or 3 bytes per pixel.

So 3*1920*1080=6220800 bytes, or just over 6MB. 

Think of it like this, you as a person can verbally list all the digits in some 20-digit number, but you can't possibly list every 20-digit number. Your monitor could never in its lifetime display all possible images, but it certainly display one of those images.