Yup, pretty much, I use both GDrive and Dropbox for collaborative projects. Also works with storage clouds and other similar sharing file structures.
You first need to establish who works in what .blend file so that way no two people work on the same file, but all of those files can be linked from one another pretty easily.
As soon as you save your working files and it gets updated on GDrive/Dropbox.etc... the others save & reopen their files, the link automatically updates.
This also works well when working alone on a project, I find It keeps the project structured and easier to work with as well as smaller file size to work with since it sources the models, materials, textures, armatures, animations, lights, cameras, groups, particles, etc...