Yes but Perforce is a (broadly) centralised system, so you don’t end up with the whole history on your local computer. Yes, that then has some challenges (local branches etc, which Perforce mitigates with Streams) and local development (which is mitigated in other ways).

For how most teams work, I’d choose Perforce any day. Git is specialised towards very large, often part time, hyper-distributed development (AKA Linux development), but the reality is that most teams do work with a main branch in a central location.