That's what AAA games use (and maybe non-AAA too, I only know what DICE did, as I worked there) - arena allocators. When a level starts, it allocates from its own "arena", and when the level is done, the arena is wiped. Lessens the risk of memory leaks and gives full control and trackability of all allocations.
Time you enjoy wasting is not wasted time - Bertrand Russel