Thanks for your thoughts :)

Yes, Figma's "versioning" can be called 'version control' technically by definition but is really 'revision control' as defined by Wikipedia https://en.wikipedia.org/wiki/Version_control

Because it does not have branches for different accounts and only compiles a single unified history of everyones changes its not possible to prevent the introduction of unwanted changes by those with file access, easily spot them or revert them. I am not even sure if its possible to identify who messed up a file because adding descriptions to versions is not enforced.

I agree on your thought on splitting Figma to more small-medium teams. I still prefer to use Abstract for my small team to keep track of implementation documentation vs WIP work on branches.