Yes, it is. But to be fair to the DLT people, distributed ledgers could be useful without proof of work. They simply need a different, domain-specific consensus mechanism.

Git is basically a distributed ledger without the proof of work inefficiency.

Right. But that's just distributed info, it's more or less a solved problem for many things (P2P, git, etc.). The proof of work is the "value add" of the enterprise, as it were, and there are certainly valuable use cases. But the implementation of distributed, cryptographically secure ledgers are not without tradeoffs--there is no free lunch.