Sim. O Git não usa exatamente um sistema de arquivos. Ele usa "blobs". Há um artigo chamado git de baixo para cima , que é razoavelmente curto e altamente recomendado. Veja um snippet relevante:
The difference between a Git blob and a filesystem’s file is that a blob stores no metadata about its content. All such information is kept in the tree that holds the blob. Onetree may know those contents as a file named “foo” that was created in August 2004, while another tree may know the same contents as a file named “bar” that was created five years later. In a normal filesystem, two files with the same contents but with such different metadata would always be represented as two independent files. Why this difference? Mainly, it’s because a filesystem is designed to support files that change, whereas Git is not. The fact that data is immutable in the Git repository is what makes all of this work and so a different design was needed. And as it turns out, this design allows for much more compact storage, since all objects having identical content can be shared, no matter where they are.