That is a useful distinction. However it is possible to hold a middle view, i.e that while the "current source tree" is most important - it is what you build and deploy, what you are most likely to base future work upon; the history is also an important artefact, and more than just a backup.
I like a good code history, but not at the expense of good current code!
I like a good code history, but not at the expense of good current code!