K,
Delete default cube and add a 12 sided cylinder.
As it sits we have 14 faces so far, the twelve that make the tube plus the two end caps.
Add sub div modifier at 2 levels, 1 loop cut at top and bottom to get our shape back and a small inset the top and bottom faces brings us up to 60 faces. The top and bottom faces are still n gons, turned into quads we now have 76 faces. We have Two loop cuts top and bottom. Shade smooth. Now apply the subdiv modifier. In edit mode select all horizontal loop cuts except the bottom and top two. You should have at least seven selected. Dissolve these suckers. Your poly count just went way down.
Now there is still a lot of faces on the top and bottom cap.
Top view, vertex mode, about five loops in from top join center vert to upper diagonal verts on either side creating an upside down triangle. mirror that in exact same spot at the bottom. Now if you alt select and shift alt select the two edge loops that join the bases of the triangles and dissolve edges you got rid of a bunch of faces while maintaining the integrity of your cylinder. You can take it across x axis as well. Experiment and you can take it further.
Anyway, if the surface isn't curved it doesn't need a bunch of edge loops, just a few at the top and bottom to maintain the bevel, hope this helps.