There once was a developer who figured that it would make sense to not reinvent the wheel, or at least not all 4 that he needed for his app/car. He had previously learned how to contribute to open source projects on github and wrapped his head around git submodules. As long as you stay in the git ecosystem all is bliss, submodules contain Xcode projects which are easily added as sub-projects.
The big advantage of sub-projects is that you can debug into these and if you fix something you can easily push that back to the master repository. But this convenience brings with it a drawback: since you have to keep a copy of each sub-module in each project structure that needs them you risk ending up with many different versions of many different components all over your file system.