If you do it correctly, yes. Pay attention to the details of how to use git with Unity. The details matter.
On older projects perhaps. Presently they are all delivered via the UPM, which is driven by Packages/manifest.json, which you MUST properly source control.
As far as configuring Unity to play nice with git, keep this in mind:
https://discussions.unity.com/t/736093/3
Here’s how I use git in one of my games, Jetpack Kurt:
https://discussions.unity.com/t/807568/3
Using fine-grained source control as you work to refine your engineering:
https://discussions.unity.com/t/826718/2
Share/Sharing source code between projects:
https://discussions.unity.com/t/719810/2
Setting up the right .gitignore file:
https://discussions.unity.com/t/834885/5
Generally setting Unity up (includes above .gitignore concepts):
https://thoughtbot.com/blog/how-to-git-with-unity
It is only simple economics that you must expend as much effort into backing it up as you feel the work is worth in the first place.