Lucian Stroiny aka PolySphere Studio, renowned as an Unreal Engine 5 asset creator, has shared a brief and straight-to-the-point video tutorial demonstrating how to optimize Unreal Engine 5 scenes using Instanced Static Meshes, along with a clever method for setting up material variations. The tutorial also includes a performance comparison between a scene that relies solely on static meshes and one that integrates instanced static meshes where appropriate.
You can check out Lucian's assets here and visit his YouTube channel for a more detailed overview of them: