I've used Windchill extensively and I've set up a Vault instance (the Autodesk equivalent). I completely agree with what you are saying. At most companies, there is a "Emperor's Clothes" scenario where even the expert users and administrators have no idea what's going on under the hood, or how to execute advanced operations. (granted, Git has the same issue sometimes, let's face it)
To make matters worse, Windchill has quite possibly the worst UI of any software I use --- first off, it runs in an instance of Internet Explorer embedded in the Creo CAD package. Few icons are labeled, and the UI is not discoverable at all. Google is often no help, since it is relatively niche BTB software.
Doing what the parent suggests, using old versions of parts in new assemblies, is only reliable when saving the old versions out as a "dumb solid" like a STEP and re-importing them into Windchill.
Part of the issue is that version control and databased file systems as a mental model do not align very well with how the human brain operates. The hierarchical structure rules the day in the end, because it aligns well with how we think.
I met the founder of Grabcad when he made a trip to Shenzhen China around 2012. I took away that he was trying to build the "github for CAD". We tried the Grabcad system out in our office for a while and it was useful but didn't really meet that vision. I haven't tried it since the company was acquired by Stratasys in like 2014 but a quick login looks like it hasn't changed much.