Is there any value in including SQLite in VCS's

Having an argument with my team. We are developing an application using SQLite and some want to add it to the repo (GIT) and some don't. Previously with RDBMS system there has been no perceived benefit of using VCS on the DB. However SQLite is a self contained file with no external dependencies so i assume, even though it is binary, that a commit of the project code + the SQLite file will give an accurate snapshot of the state of play at that point.

I also assume that a branch and merge would work as well.

Has anyone actually done this and if so does it work?