shallow clones the only issue for games. Another problem is, unlike code, art assets usually can't be merged. You can't merge 2 photoshop texture files or 2 edits to a 3d character made in Maya.
So, you need some central system to manage the assets so that people know "hey, don't edit this file right now because so-and-so is editing it".
Ideally you'd like to know this BEFORE you start editing. In other words, you don't want to spent 15-60 minutes editing something and only on saving or trying to check in get told "hey, sorry but someone else was editing this file so you'll have to discard your changes and start over". Some editors are better at this than others.
You could try to write something on outside of git to help with this but why when P4 already provides this?