I've seen a few people doing this, but I also frequently run `git clean -xffd` in my actual source code directories to clean them, so I'd be deathly scared of accidentally running it in the wrong directory and wiping out half my homedir.
Making aliases for working with `~`'s repo doesn't prevent that.
These setup also prevents zsh/bash git prompt extensions from detecting git the the home folder repo, which can be confusing, I think.