Nobody uses versioning to work on document. It is too annoying and merge barely works if at all anyway. Trying to convince people to put work in progress document in a DMS is a lost battle. Sharepoint via Teams might happen but that's stricly for the shared folders and cooperative edition functionality.
A DMS is very good for storing reference documents however.
The only company I worked for where DMS was really successful, there was someone in charge of managing it full time. The only documents which could go in had to have been reviewed and signed by the relevant persons. Documents were considered as not existing unless they were in the DMS and producing said documents was a significant part of our objectives as they were contractually mandated by our customers.
This had the nice side effect of making retrieving documents very easy.