I'm sure I'm not the first one to suggest this but I haven't see this requested in quite some time.
In the graphics options, there is a setting for character model limit. Currently this affects both players and NPCs/entities. This creates issues with seeing non-player entities when set to low.
My suggestion is to separate the player element into a separate setting. With this, players can lower the player side of this setting to improve performance without it negatively impacting them in other places.