In my experience, this only works if you have a small team of great engineers. Once you have 50+ people of various skill levels making contributions to the codebase, you'll start seeing your git history littered with variants of "fix", "fix 2", "fix broken CI test" and on and on...

For me, the PR is the context I can use when trying to find an issue. Sifting through many hundreds of commits per day is painful. Sifting through tens of PRs per day is not great, but is much more manageable...