Can this be used for ML/AI projects as well? I'm thinking for version controlling LoRa finetunes, finetuning data (which can consist of text, images and audio), safetensors, etc?

Of course it can. Is it good at it? I guess we'll find out, for sure people will try (I might if I get some spare time). At a glance some of the tech used resembles that of xethub (of which I was a user, until they got acquired by huggingface), which was marketed towards AI/ML/data science (to version control data/models/etc).