My team took this approach when we open-sourced our web app. Apache licensed and anyone is free to do with our code as they please, but GitHub issues and PRs are set to employees only.
But whether this approach makes sense really depends on what you're hoping to accomplish by making your code available. For us, the goals were mostly around transparency and assuring customers that if we went out of business, it'd be possible for someone else to operate our service. As a side effect, it's also nice for hiring since candidates can see exactly what our code base looks like, what kind of feedback we give each other in code reviews, etc.
But whether this approach makes sense really depends on what you're hoping to accomplish by making your code available. For us, the goals were mostly around transparency and assuring customers that if we went out of business, it'd be possible for someone else to operate our service. As a side effect, it's also nice for hiring since candidates can see exactly what our code base looks like, what kind of feedback we give each other in code reviews, etc.