I think you can create git plugins to show diffs in different formats for certain file-types (or even open a 3rd party tool to let you visualize it), but it is a lot of work. Most productivity tools don't have anything of the sort.
If you just care about storing the file git LFS + manual text-changelog per binary file works well, but it is annoying to get everyone on your team to work in this workflow (heck, getting everyone and all automation scripts to install LFS is already a pain).
Meaningful deltas and meaningful merges are actually a problem set that is totally and utterly disjointed from keeping the underlying change history. Deltas and merges can always be computed independently of the underlying storage format for versioned data. Git could have indicriminately used binary deltas for file storage and would still work the same on every higher layer.
I mentioned it before, see the following comment https://news.ycombinator.com/item?id=47749916
You can also use a custom difftool or mergetool that understand your formats. For example Beyond Compare https://www.scootersoftware.com/kb/moreformats