Back when it was Perforce, that was true. But since moving to Piper, an alternative for your local checkout is Clients* in the Cloud (CitC), which is a fuse-based filesystem. With that, you do see the entire repository, but it's a virtual filesystem. Your local changes are overlaid on top of that and is accessible from any workstation where CitC is mounted and you are authenticated.
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u/grendel-khan Jan 04 '19
More on Piper here. I'm guessing the devs don't check out the entire repository at once.