Optimizing : Set Active or Clipping Planes?

To optimize the game,disabling the objects/enemies, etc. which are far away from player and again enabling them when player comes near helps a lot.

But for this purpose which will be a better choice?

Using gameObject.SetActive via script needs a lot of scripting, you need to create a gameobject which stores an array of all other gameobjects and checks everyframe for the position of the player with respect to each of the game object is quite a load over memory itself, but instead using it, if i tweak with the far clipping plane of the camera, will it help?

So which will be the better choice?

SetActive will preform better. Disabling a GameObject entirely will stop its Update functions, plus any physics and so forth. You will gain much more then just rendering.

Note the distance check does not need to be done every frame. You can check the distance based on your characters maximum speed. If it takes your character 60 seconds to walk to the far clipping plane, then checking distance every 5 seconds is probably sufficient.