It's intentional.
I'm targeting 120 FPS @ 1080p.
Geometry adds almost nothing to the performance these days. Its the use of post processing effects AA, AO and complicated materials that kills it. I have serious doubts pulling your geometry to PS2 levels will help you in the frame-rate department with UE4. Just look at their mobile demos, you can still add a lot of geometry and make stuff look good as long as you are smart with everything else.