Regarding LoD and HLOD use (question)

Hello everyone,
A quick question. Shall it improve my performance if I make LOD models of each mesh in my game using UE4 and add HLOD clusters too?
I mean, is it better to go with just HLOD or just LODs for each model or I could use them both to improve performance even further?

Start with just LODs and use HLODs where you need them (like buildings or clusters of assets).