The _canonical_ state is what is in the production database(s). What's in version control is hopefully able to recreate it, with the obvious caveat of being highly unlikely to be able to repopulate the data.
For development, the actual data itself is not so important, but the features of the data are extremely important. Such as which fields have higher or lower cardinality, which fields are accessed often and which are barely touched.
Often times, the indexes will reflect this. Often times, not.