It's a bit of a misnomer really. They are not loading screens in the traditional sense. They're just doing level streaming and the elevator ride is needed to delay things to give the engine time to actually load stuff in, so they are loading screens in a very real sense.
A bunch of the bugs that the game had when it first came out was due to mishandling of level streaming and a broken version of viewport culling.



The most annoying email to receive, the one that shouldn't exist.
"That's not how approvals work Karen, you need to open a ticket. Like the last time I told you this."