My experience is that for a software development project of just a few people, for a code repository fairly obvious use of the hierarchical file system on a shared server is just fine.
No, it isn't. Especially since it's so damn easy to setup a git or mercurial server.
Time for old guy rant that in the bad old days I just had a box I could ssh into and that was enough, or should I say, that was better than subversion. Don't forget to init the remote repo before pushing into it, as I forgot seemingly every single time. There was life before gitolite, gitlab, and github.