not less, to a point, but lower resolution... in other words, a general color of the facade on a building might be seen when it is in Rough LOD... when it is within the Detailed LOD the details of the facade would appear and be more and more detailed as you approach the building... in Bare LOD, you might see the building or a rough shape of it...
TL;DR: LOD (supposedly) has more to do with the details seen and not so much the number of objects... although at longer distances, it would appear that there are fewer objects... depending on their size, of course...