Yes, the pop box is set at a relative angle to the camera in the scene I'm working on. The camera uses a 135mm lens, so a narrow field of view. One of the grass pops generates 12.8 million instances without clip to camera set, and 6.4 million with it set, so about half. Saved out cache sizes are about 920Mb vs. 465Mb. Not an insignificant difference. When I have a chance I'll see if it's possible to compare actual memory consumption in Task Manager.
I know that the pop box could be shaped and angled to more closely match the camera's frustum. But then it would have to be adjusted whenever the camera gets moved or when I select a different camera. I typically place many cameras in a scene at different angles so I can render tests as the scene is developed, so a narrowly defined pop box would be a real pain. Especially when it has to be defined for 20-30 populations.
So, yeah, I'd like to have this feature.