Edit: I meant 'fascinated with using git here in this context'.
The latest Office products have proper real-time collaboration and change tracking, a la Google Docs.
That said, "track changes" is still used extensively especially with parties outside the organization, especially for legal documents.
Some of the proposed solutions were very nice, particularly Draftable - but it's expensive and my bosses didn't feel it was worth it. To this day they still work on huge slide decks that are partially shared, but I'm just not involved anymore with that side of things so I stopped pushing. I still think a way of tracking Powerpoint decks on a slide-by-slide basis, with partial merging and synching, would be really good to have (existing features for embedding are '90s-era).
For Word there are quite a few solutions nowadays, most are clearly superior to the stuff Office ships with. So the problem is still there, just not as bad as 15 years ago.
I use O365 collab features daily (with SharePoint/OneDrive) storage and the experience has been similar to that of GSuite. I regularly work on PowerPoints with multiple people simultaneously editing the slides.