Conceptually, yes, but under the hood, Git actually does store content as deltas:
The Linus' original insight that made git successful in part was exactly the fact that: You don't need to do the delta scheme on the VCS-object level, but you can just use it on the storage/compression level. So conceptually CRDTs are more similar to the VCSes of the past (e.g. SVN) than they are to git.