For anyone looking for what I was looking for: I did some more tests and found an answer to my question (see point 2 below), as well as some more efficency and precision twerks. Here is what I found.
Point inside objectwill remain the cheapest option by far. It can miss a collision event, if theProjectileObjectis too fast, or theTargetObjectis too small.- Using
Collisionfor all instances and then againfor each instanceis only needed, if you want aProjectileObjectto be able to hit multipleTargetObjectsat once. Instead usePick nearest object(This is cheaper and will ensure that you only pick one TargetObject). - If you only need “good enough” precision but want good performance and high reliablity only checking
Distancefirst and thenPick nearest objectfor each instancecan be sufficient (Given yourtargetObjectsare having the right shape for this)