Sort of. I've automated synchronizing it with the GitHub repo, so my local repo may be behind the cached repo. I'm also protected if a repository is deleted/moved/DMCAed.
What benefits does this provide that a cron job running `git fetch` doesn't?
Redundancy, public access and not having hundreds of unused repositories on my computer. I'm not trying to sell anyone on the idea, it just works for me and I like it so whatever.