Not really. You can do it, but it's definitely got issues and LFS is a must.
Used Git with Unity for over 10 years. What problems have you run into?
LFS is of course a must. No one should be diffing audio files via text haha!
Git handles binary files just fine without LFS. The point of LFS is to reduce the size of repository clones, by not cloning the full history of large files.
Other way around. Unreal works better with git.
Unreal works pretty well with git too, supports LFS as well. Pretty painless.