While what you said is true, the codebase of most organisations is not large enough that they run into those scale constraints for a long time. Instead, if you split up your code you immediately get organisational headaches of managing changes across multiple codebases. If you keep it together, the scale challenges can be managed later, if they occur (c.f. YAGNI).
If you are splitting, codebases should be split across organisational boundaries, not technical ones. If you look at the FOSS world, the obvious conclusion is that each library is in its own repo, and that is partly true. In practice what is happening is that each OSS project is its own organisational team, and so it lives together. If you have parts of your company on different continents working on different things (and maybe you need different access) then splitting up may make sense. Otherwise, you're probably just making your life harder for little to no gain.
