using git on a bunch of XML files saved into a binary ZIP file with a .xlsx filename extension is a hell whose circle we have not yet discovered

As an European I just sigh and read on.

Excel has it too if you store it in onedrive or a sharepoint library with versioning enabled

It never works when you need it. Like "that file was too big", that file was on a network share, that file is outside the window of how many old changes are saved. It's like using an undelete utility. Sometimes you get lucky.

It's better to save every change as a dated/numbered file or use a real source control system.

If there's "Windows" or "Microsoft" in its name, you're risking your business by relying on it

We have a document repository managed by corporate governance and to file documents in it they need to go through a workflow which enforces naming convention/category and establishes approval chain, version control, and review intervals. Anything that is actively used for things should be captured in this system, there's some that aren't of course but it's the standard and you're laughed at if you reference documentation outside of this system basically. We do this to comply with audit requirements but it's also just good practice and everyone basically sees the value in it, despite the mild annoyance of dragging your document in to a webpage and filling out some fields.

That's why I don't care about my personal document organization too much, because anything of value is getting liberated into a controlled doc template meant for it's specific purpose and put into the system where it lives it's life.