I was away from the game for a while. Upon returning, I have observed that there is an issue with LOD selection for conveyor belts. The game often chooses low LODs for belts that are close. This can even be seen on the starting screen where the ingots and wires are sliding along a non-moving belt that is at a low LOD. This is definitely much worse that it used to be.
Additionally, I used to be able to tweak belt LODs by setting r.StaticMeshLODDistanceScale to 0.1 from the console. This still affects the belt on the starting screen, but seems to no longer affect the belts in the game. I have tried all different numerical values from -100 to 100 just to see. Some values will make the issue worse, but no values will make it better like they used to.