One thing worth adding to the baked cloth discussion: vertex count budgeting before you bake matters a lot more than people expect. I've seen folks spend hours perfecting a simulation bake only to realize the cloth mesh has 8k verts that the rigger never optimized because "the sim handles it." For real-time, keep the baked mesh as lean as possible. The bake process tolerates a decimation pass on secondary cloth better than you'd think, especially for background characters.
For hair specifically, I've had better results baking to texture-driven strand animation rather than vertex animation when the budget is tight. Bake the simulation down to a flipbook of normal maps and use a wind-response shader to blend between frames. Loses some fidelity but the texture memory cost is predictable and it renders at nearly flat cost regardless of strand count.
What tool are you using for the actual bake export? Houdini's KineFX has gotten genuinely good at this but Blender's bake-to-shape-keys workflow is surprisingly workable for indie scale if you script the cleanup step.
