If you are using OneDrive, you will have the Version History as well. I think the Track Changes can be useful in some ways, even if it may be cumbersome.
I would use all the document properties and add appropriate Authors and Comments at least.
It "smells" of someone who may use that "control" to ensure they receive credit for their input, at best.
I would suggest you try the Track Changes, but share the file via Onedrive so YOU have control of the file and File Version history.