I've never had it wipe anything before[1], but I do have a stretch of 200+ commits in my personal vault where my laptop and desktop were fighting back and forth on the contents of one setting file.

One caveat is that the obsidian android app DOES NOT seem to save files to storage until the note unloads, which can break things if you pull in the middle of making changes.

[1] Though I have had to fix my termux clone of the vault enough times that I now just nuke it and re-clone instead of bothering with git - but that's more of a "termux likes to break git" issue than anything

For better/worse, I've noticed save seems to be triggered when moving to a new line. Plenty of times I've unloaded (swiped away the app) only to have a missing last line later when I get on desktop. Building a habit of adding a few trailing newlines seems to have mostly resolved this for me