No. It's not. Set up git-shell instead of bash, and you're done. It's literally a one-liner.
There are similar one-liners for most other use-cases.
As a footnote, most environments I'm in, this is a non-issue since devs have ssh access to a common server somewhere. Once you get to the org size where this matters, it doesn't matter since you need Infrastructure with a capital I regardless.
Well, doing that securely and somewhat aclainf isn't easy and file access permissions are a pain.
If you remember to update the index regularly serving .git via HTTP is easy for read-only access, but all else is quite a bit more involved.