Why not just split the assets and the code, have the code reference a version of the assets, which are on a separate server and only fetched when needed?
That's basically what git-annex is, but I guarantee that companies with this problem will be doing something disastrously incoherent with file shares and document_final_2 names instead.
I thought Git LFS had largely replaced git-annex these days? (I haven't used either, just going off [1].) Apparently git-annex never really supported Windows, which is a bit of a dealbreaker for gamedev.
Raw assets do, built versions of assets and binaries don't. Most workflows I've seen cache built data outside of source control. It needs to be in sync with the source but not versioned. Downloading a 10GB+ built map data file over SMB is a sensible option - much faster than via Perforce. I've even seen bittorrent solutions for this before.
That's the same thing as not using version control, given that the point of using UE4 is that you don't have to write much code. Note the repeated references to "blueprint spaghetti". Blueprint is a visual DSL for game designers. The assets end up encoding much of the game logic.