That’s, uh, exactly how jj works!
In the open source context, it's limited by git here. But you can use jj with Google's monorepo, and so it itself is able to handle at least huge repositories (I don't know how big the largest files and binary files are in it, but I'm assuming that it has some of those too) well. That of course doesn't help you directly if you're not at Google, but the pathway is there.