Yes, to elaborate:
Most older models already have LODs, the lvl 2 & 3 dispenser, which coincidentally also have the absolute highest polygon count (14/15k) aka most details, being the obvious exception. Have you ever noticed how your fps drop when you approach a huge sentry nest (3 or 4 engies)? It's not even the sentries firing, the dispenser are worse.
Now the problem with source engine is that these LODs have to be manually created. Now Valve has the choice: Add the missing LODs and release new weapons/miscs/hats/skins with LODs or instead spend all of that time on making new weapons/miscs/hats/skins without LODs, which means way more new w/m/h/s and therefore way more money. I think you know what Valve chose.
This is exaggerating a bit, Valve does add some LODs every now and then, but some stuff never gets any (dispenser, dead ringer, lots of hats), and some is still way worse than the stock options even with LODs, for example festive weapons. Highest/lowest polygon count for the stock minigun are 8,405 and 770. The festive one is at 13,719 and 1,707. While 1,707 is still far better than having to render all 13,719 the ratio (1,707/707 vs 13,719/8,405) is actually worse on lower detail. So all the new stuff even with LODs (without it's even more pronounced) has a bigger impact on lower settings. Exaggerated example: On high you might get 100 fps and lose 10% -> 90fps, on low you'd get 200 but lose 20% -> 160 fps.
What I'm trying to say is: We are fucked and it will only get worse.
Considering that so far after every "optimization update" I got lower fps in every benchmark a port to Source 2 seems like the only way we'll ever get more fps. I am 99% sure though that this will only happen after the "final" version has been completed, which will include Vulkan, which hasn't even been released yet. I always expected at least one game with the "full" engine to be release and ports coming after that. If I had to guess maybe 2017 for L4D3 if we're lucky, then depending on how much they expect to break either CS:GO or TF2 being ported, then the other one. The problem is that Valve doesn't really do "release dates". Vulkan pushes the engine back, add Valve time and it could be easily another year or two on top of that. The other Source 2 game which shall not be named is pretty much on backburner at this point according to rumours. And even if they made 2017 at that point there's really no point in calling it a port anymore, you might as well release it as TF3, if you bother at all. CS:GO being ported is far more likely.
But never give up. TF2 on Source 2 in 2020? Get Hype!
EDIT: I'm not sure why I wrote this, but there's no point in deleting it.
EDIT2: #8
Low model detail:
2639 frames 12.926 seconds 204.16 fps ( 4.90 ms/f) 17.867 fps variability
High model detail:
2639 frames 13.714 seconds 192.43 fps ( 5.20 ms/f) 14.727 fps variability