An interesting question, so I did a small experiment. Nothing conclusive and it would have to be taken much further but interesting none the less.
I made a long, straight, double-wide hall. On one side of the hall I lined up 10 characters (Medic) with original scripts and in dynamic mode. I then place the player at one end of the hall.
In each scenario, I paced the hall from one end to the other multiple times and averaged the FPS.
Results:
1.Medics on one side of the hall, me on the other: FPS=29
2.Invisible wall the length of the hall between the medics and me: FPS=28
3.Full wall the length of the hall between the medics and me: FPS=31
4.Full wall with windows between the medics and me: FPS=23
5.Full wall with doors between the medics and me: FPS=25
Thoughts:
A lot of this is already known but I found some things to be interesting.
1.Just the result of the number of characters in a level. The fact that they were all running the medic script didn't seem to affect FPS, but only the sheer number of characters.
2.It may be that it takes more processing to render through an invisible wall than no wall at all.
3.No surprise here. Entities not rendered through solid walls.
4.Rendering thrugh windows definitely take more processing.
5.What I found (again, we already knew but I never saw it before) was that it didn't matter if the doors were closed or open, it still took the same processing and reduced FPS.
Again, this is small and non conclusive but verifies a lot of the recommendations we hear concerning level design. Don't use long halls, but make turns to keep distant rendering to a minimum. Windows and doors greatly reduce FPS.
The question at hand however remains. This tiny test showed little to no change between no walls and invisible walls. It would take more testing on a larger scale.
Best.
I'm sorry, my answers are limited. You must ask the right question.