~500 one color box static mesh actors, performance

Also if it’s the same mesh with the same material Instanced Static Mesh should help a lot, this will draw whole array in a same amount of drawcalls as one (sometimes there is more drawcalls than one per material).
To be batched the actor and mesh component should be static, not movable. After building level geometry these cubes will become super-static and their rendering time will absurdly low.