Can not build project only using Assets and ProjectSettings folders

I tried to recompile my project only using Assets and ProjectSettings folders based on the thread: Which Unity project files can be ignored for version control? - Unity Answers.
It is said that changing settings to make Library folder unnecessary and commit to SCM for example Perforce.
But I still cannot recover my original project after recompilation. All of meshes are missing in mesh filter columns. And I can’t put any mesh back to mesh filter.
Is Library folder a necessary folder for project recovery?
I have already set Version Control Mode to Visible Meta Files and set Asset Serialization to Force Text.

you need also few files in the project folder, you don’t need Library folder, it’s recreated from metafiles and settings

in our git we ignore these folders

Temp, Obj, UnityGenerated, Library

and it works well