It’s still multiple calls VS just one for a skeletal mesh.
The performance overall would depend heavily on both scene composition and end hardware.
That also why there’s a merger for skeletal mesh parts. Too many parts (which also have multiple skeletons) leads to more calls and worse performance.
Generally speaking, anything you can do in 1 call on the GPU will be way faster than anything you do on the CPU for most things.
And the lower the amount of calls the better off performance is.
(This extends to having single material slots and proper models instead of 20 material slots on a single model)