I finally wrapped up my work on game code and decided to test performance with some extra art added to the game. Unfortunately I encountered horrible performance issues I don't recall having in 4.13.x and I am not sure what's causing these performance issues (I can't test on 4.15 yet as FMOD hasn't released updated plugin).
I already added culling distance to each of the terrain (static mesh) chunk and rocks. In PIE I now get 1/4 of drawcalls from my previous tests. On the device I get same amount of drawcalls, as if I didn't do any optimizations.
I have bunch of pick-up inventory items (mock-ups) stashed under the terrain mesh. Technically those have to be culled automatically since they are blocked by the terrain (which is set to be used as an occluder). Plus I use precompiled visibility culling too.
If I move them away, I do not get performance drop (or at least I didn't until I tried recording video and then after I was done recording, performance issue popped up again, but in a different way).