It won't be ( fixed in VAM 2 ).
I'm not undermining Meshed work here, but simply the concept of optimization. Optimization is generally made toward your target. Your target is "most probable situations". People having 3TB installs of VAM is not "most probable situations", and is a nightmare to deal with.
People want to have 3TB installation and have instant loading. This is NOT possible... not matter how you look at it.
The cache situation is somewhat the same deal. If you rely on cache, you're leaving potential updates behind until your cache expires. So the best compromise is looking at files (vars) to ensure they're not newer than the cache... which leads to this read at the launch of the game to ensure cache is not obsolete.
More or less it's a compromise between people whining because "I have obsolete versions in my game" and "I have longer loading times". No matter your approach, you'll have one side or another complaining anyway.
Unless you're, yourself, controlling your VAM install size... it's unlikely you'd have a massive install running flawlessly. VAM 2 will probably bring improvements... but will at some point hit some diminishing returns as the installs grow in size.
And the second aspect is authoring.
@Sizzle, you're mentionning particles at some point... I've checked most particles made by the community... more than 50% are made without understanding overdraw or GPU instanciation. This is beyond VAM's ability to deal with performances. If modders/creators release poorly made content, VAM can't do nothing about it.
On top of that, you could have proper VFX released, and scene creators slapping 20 instances in a scene without accounting for optimization either.
The amount of layers for optimization is so insane that you can't hope for proper perfs unless you are, yourself, understanding every aspect of the puzzle.