Yes, there are too many model entries in descr_model_battle. If you want to free a bunch of them wuthout serious impact, open descr_lbc_db, out-comment all entries (by adding a semi-colon in front of every model name), and then find those model entries in descr_model_battle and out-comment them as well.
EG:
descr_lbc_db
Code:
...
faction armenia
; model eastern_male_peasant 40
; model east_female_peasant 60
...
descr_model_battle
Code:
...
; type eastern_male_peasant
; skeleton fs_dagger
; indiv_range 40
; model_flexi_m data/models_unit/eastern_male_peasant_high.cas, 8
; model_flexi_m data/models_unit/eastern_male_peasant_med.cas, 15
; model_flexi data/models_unit/eastern_male_peasant_low.cas, 30
; model_flexi data/models_unit/eastern_male_peasant_lowest.cas, max
; model_sprite 60.0, data/sprites/eastern_male_peasant_sprite.spr
; model_tri 400, 0.5f, 0.5f, 0.5f
; type east_female_peasant
; skeleton fs_dagger
; indiv_range 40
; model_flexi data/models_unit/east_female_peasant_300.cas, 8
; model_flexi data/models_unit/east_female_peasant_300.cas, 15
; model_flexi data/models_unit/east_female_peasant_200.cas, 30
; model_flexi data/models_unit/east_female_peasant_100.cas, 40
; model_flexi data/models_unit/east_female_peasant_70.cas, max
; model_sprite 60.0, data/sprites/east_female_peasant_sprite.spr
; model_tri 400, 0.5f, 0.5f, 0.5f
...
A couple of lbc_db entries (eg roman_peasant) are also used by actual units, so do not remove those.