With latexdiff (included with your LaTeX distribution) it's really easy to produce "track changes" PDFs. (That's the entire purpose of this tool.) With git it's very easy to checkout the .tex file from an arbitrary commit.
There are even wrappers that integrate this with git, so just "git latexdiff HEAD~5 HEAD" will give you a "track changes" PDF between the current version and the one from five commits ago.
I've used this on complex papers where editors have requested it, and it works fine. Once I had to manually tweak the .tex file produced by latexdiff, but it was a very complex use case (packages added and removed between versions) and pretty easy to fix.
There are even wrappers that integrate this with git, so just "git latexdiff HEAD~5 HEAD" will give you a "track changes" PDF between the current version and the one from five commits ago.
I've used this on complex papers where editors have requested it, and it works fine. Once I had to manually tweak the .tex file produced by latexdiff, but it was a very complex use case (packages added and removed between versions) and pretty easy to fix.