3dsmax - Multi/sub object material VS bake diffuse map with plenty of textures

Hi guys!
Im wondering which method of material assigning is better for engine performance:

  1. Using multisub object for static mesh (material ids),
    multi.png
    How to: Apply multiple materials to a single object - UE4 - 3DS Max - YouTube

or
2)

My current workflow is using 1) option, cuz it costs a little less time than second option but what about performance?

I can say for sure that the second method costs less. You are using one shader instead of a shader for each material.
You also use one texture instead of multiple ones.

If you can use a single texture and a single material then you will get better performance–it will be lower processing, lower memory usage and also lower draw calls because each material to and object adds a draw call.