Yup. But that's 10x more complicated, and needs an even more specialized baking phase that's even further from the raw representation. It only multiplies the issue.

And Nanite is not really designed for the kinds of lower fidelity fully articulated objects we're talking about here.

I will say though: I think things are going to move to neural rendering faster than people expect. So maybe the future is low fidelity highly articulated objects rendered with img2img. But nobody is seriously doing that yet.