In this article almost everything makes sense to me (because that's what I have been doing most of my career) but they put their OTP app inside which suddenly makes no sense. And you can see the problem in the CI they have dedicated files just for this App and probably very few common code with the rest.
IMO you should have one monorepo per project (api, frontend, backend, mobile, etc. as long as it's the same project) and if needed a dedicated repo for a shared library.
that's not a monorepo!
Unless the singular "project" is stuff our company ships, the problem you have is of impedance mismatch between the projects, which is the problem that an actual monorepo solves. for swe's on individual projects who will never have the problem of having to ship a commit on all the repos at the "same" time, yeah that seems fine, and for them it is. the problem comes as a distributed systems engineer where, for whatever reason, many or all the repos need to be shipped at the ~same time. or worse - A needs to ship before B which needs ship before C but that needs to ship before A, and you have to unwind that before actually being able to ship the change.