Downsides to using RenderFidelity for optimization?

Are there any noticeable downsides to RenderFidelity? Are there serious performance upsides (especially for mobile)? Is each LOD streamed in or is it calculated at runtime? If the latter is streaming, what is the cost of using this non-sparingly on any mesh possible?

Would especially appreciate proof-of-concept and examples from experienced ppl

Thanks

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