Definitely go for one document/project <-> one repository.
A simple reason behind this is that doing a partial checkout of a repository, besides being possible, is, in my opinion, more difficult to maintain on the long run.
Suppose you have
Root of LaTeX projects
|
|- projectA
|- projectB
|- projectC
If you set up the git repository for Root of LaTeX projects you will always do clone/checkout of the whole directory, even if you need only one project (again: not necessary/required, but clone/checkout are the go-to commands).
Thinking forward: suppose that at a later time you collaborate with someone on projectC.
Sharing is immediate if project C has its own repository.
Sharing a part of Root of LaTeX projects (or keeping it in sync with something else) may be more convoluted.
If you really want to have a versioned Root of LaTeX projects, you can use git subrepo, and you may have Root of LaTeX projects as main git repository and, inside it, you can
git subrepo clone project{A,B,C}
provided that you set up a git repository for projectX in advance.
Then, you do commit as usual, and you can decide to push only on Root of LaTeX project or also the sub-repositories.
On using one branch per document: what if you have two documents opened at the same time? ;)
And, besides that, you preclude yourself the intended use of branches, for which we have a marvelous examples :)
.texfile. If everything is in one repository then you can easily lose an overview of which commits belong to which document, restoring your backup will be more involved, and any git-related problem with one file will affect all your other files too. – Marijn Mar 30 '20 at 13:48