Yes, This is what we usually did in a previous job. The only benefit of storing in the database is that the code can check schema version if that's a necessary

Yes, This is what we usually did in a previous job. The only benefit of storing in the database is that the code can check schema version if that's a necessary component. I could see some value there. Nowadays I'm primarly working with non-relational datastores where this seems to be much less of an issue. There we version the entities that we store instead of a schema and that is done entirely in source control as well.