Am I missing something?
No and, in fact, this was (and still is) a selling point of Git over the alternatives (e.g. Subversion) available at the time that required you to “check out” some code and no one else could check out/modify that code while you had it checked out.
I connect my primary and backup servers on 10G directly via a crossover cable for transferring ZFS snapshots. No actual 10G switches or anything at the moment but if I add any more servers I need to back up I’ll probably get a small 10G switch to put in between.