You still end up with two copies of the same file, one in the local LFS “server”, one in the work tree, no? (I only played with LFS a bit many years ago when it first came out, so I could be wrong.) Unless you take into account deduplication built into certain filesystems.
https://www.atlassian.com/git/tutorials/git-lfs
Also saves you from beating up your index with every change.
I've been using GIT LFS for the last 6 months with an Unreal Engine project, with multiple gigabytes of files being tracked, and it really is painless.
I know. But you do need them, and files in your work tree don’t magically disappear when you commit them in (presumably). So either you delete the work tree copy immediately after pushing it to LFS server, and duplicate the server copy every time you need to access it, in which case the file is only duplicated then but comes with elevated cost of access, or the latest copy sits around costing double the amount of space at all times.