Also some extra context since this post is old now:
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Devices have HLODs enabled by default
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Some props with HLODs enabled will not render them (like the crane top from Neo Tilted, lighthouse roof top, and PowerTower02)
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Cannot set landscape not be in HLODs (?)
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Editing any actor in the viewport will reupload the entire HLOD file to live edit, not the chunk, causing insane load times everytime you push changes to live edit (20+ mins in project shown, VDSL connection)
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There is no straight debug toggle to see HLODs in editor, you have to fiddle with some other weird settings to manage to see them in UEFN.
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Setting a default new HLOD profile, will reduce their size by around 20%. We don’t have the settings exposed to know why that happens though.