Do companies really do this for almost every object? Are there any steps that they skip? The objects that I see in games seem to rely on great textures to compensate for low polys.
There are a lot of factors that determine the exact work flow on game projects. For example, if the game's style is whimsical, it might not need high-fidelity sculpted detail - in that case the step could be skipped. But if it's a realistic game, each of these steps is very important. It may seem daunting, but understand that AAA game studios have hundreds of artists tackling these assets together.
