git+lfs is a bandaid for the problem, and theoretically would solve the issue, but the tools are still rather limited. Sparse checkouts, shallow clones, git subtree and git submodule are all somewhat useful to mitigate large file issues. I've also been meaning to check out the meta meta-repository tool for my own personal stuff.
In the industry, perforce is often used, or a custom rolled solution that is a heterogeneous mix of git for source, svn (or something else) for binaries. If you're made of money, alienbrain has always looked great to me, but I've never had the opportunity to use it.
https://gw.zweistein.cz/gw2stacks/ is very useful for this.
I advise that you don't follow it 100% blindly, but it's very helpful. Note that you will need to create a (read-only) API key from your account page at https://account.arena.net/applications