What is the beneficial distinction between this and composing the monorepo with git submodules? I have been doing that in my codebase after suffering from all the regrets of attempting to emulate npm package releases of my modules. I feel that utilizing submodules feels more pure and conveys isolation and separation. It feels like I am not grokking something vital about why Monorepos > Repo w/ git submodules.
If you're fine with apps using an older version of the library then you don't need this. However, you might want to think about what you'd do about a security bug when many apps are using old versions of a library and it would take a lot of work to bring them up to date.
For the hobbyist development I do now, I'm fine with old apps using out of date libraries. I'm mostly not maintaining the apps and I'm not writing shared libraries.