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The same can be said for ultra high detailed textures and assets. You create them to the highest detail and scale them back
Sort of. With texture's it's not too bad and that's what we see a lot of today. Last generation of games we saw console releases with a PC release that came with high res texture pack. That was likely because they made the textures in high resolution and then down sampled them for the console and later on released the higher resolution ones for the PC. It's harder to do that with things like like model complexity however, making a more detailed mesh is genuinely more work in most cases.
There are some other easy wins with things like tessellation, that's a really cool technology that again once implemented you can simply give it some parameters and it's trivial to alter quality vs performance. But making the original assets higher detailed without some kind of tessellation requires a lot more time modeling.