I mean, it works fine for a few days or weeks, but then it gets corrupted. Doesn't matter if you use Dropbox, Google Drive, OneDrive, whatever.
It's apparently something to do with the many hundreds of file operations git does in a basic operation, and somehow none of the sync implementations can quite handle it all 100.0000% correctly. I'm personally mystified as to why not, but can attest from personal experience (as many people can) that it will get corrupted. I've heard theories that somehow the file operations get applied out of order somewhere in the pipeline.