I've talked to many Googlers over the years, and your summary is consistent with what I've heard before, so I don't think you're lying. But this is still the most insane dependency managenent scheme I've ever heard of. Is Google truly so far up their own ass that they make it harder to pull in a third party library than write the code in-house? Why is Google so allergic to using a package manager like every other software project in open source?
You depend on any modern JS library like Babel or Webpack and it pulls in a dependency tree consisting of hundreds of packages. I cannot fathom that the expected and approved workflow is for someone to check in their node_modules directory and be expected to security-audit every single line, and "own" that source code for the entirety of Google. Sounds absolutely insane.
Not to mention needing to hand-audit that every transitive dependency of Babel and Webpack works with every other module in the repository, because of the one-version policy that exists for some "good" reason.