The commit message with a good PR description is
okay, but for any sizable code change still doesn't provide full context for an individual piece of code (git blame). Either the PR description is massive -- in which case it's hard to read and tell what applies where -- or it glosses over the detail that's necessary.
The thing is this isn't obvious why it's useful until you don't have it. I don't do it often, but the things that make me go back looking through git blame and history are trying to identify where hardcoded constants came from, or when (time or version) a particular bug was first introduced and why. This is only necessary when there aren't decent comments in the code already, and in my experience, the types of developers that don't put in these comments are also the ones that don't make highly detailed PR descriptions. Good commit messages is also a hurdle, but an easier one to get over than highly-detailed PR descriptions.
On top of that you get all the other significant downsides of a squash merge strategy (eg: not being able to tell the difference between a local branch being merged or not pushed; confusing merge conflicts if you ever merge branch->branch before merging one to master).
As an aside, IMHO, "clean history" is not at all a useful feature. Only developers are looking at git log to begin with, and they are quite capable of using `git log --merges` (or equivalent GUI operation). I guess the most useful thing is to make a CHANGES file (release notes) -- but honestly, the wording is different anyway (eg, "Fixed several minor UI issues" is adequate for release notes, but that might be across several PRs that contain more detail like "Fixed button alignment in modal dialogs", "Upgraded bootstrap to version x.y.z" etc). Go back and look at your PR descriptions from a year ago and see if you can make sense of them -- I bet the context of many will be lost.