Yep, and we can do lots of other nice things. We can produce nice tables with the key/value data, filter it ("show me all experiments with an accuracy greater than 0.9"), produce well-formatted diffs across an arbitrary number of things, give you a nice Python API for analyzing the data in a notebook, and so on.
There are some examples of these things on the home page, all of which would be very fiddly to do with JSON files in Git: https://replicate.ai/#features