No, all processes are automated. After conversion, editor tool creates ready to use prefab with all required files and instantiates it into a scene.
• Is this suitable for runtime generated meshes?
Yes, conversion algorithm is very fast.
All render pipelines are supported.
Before purchasing check documentation for better understanding how tool works and what limitations it has and this editor tool, to try it on your mesh.
Asset is already included in the Amazing Tools Bundle.
Check out the details from the Unity Asset Store: https://assetstore.unity.com/packages/tools/modeling/lowpoly-mesh-generator-196511
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