Terraform state backend as PostgreSQL - Because of locking mechanism

Hello,
I am setting up our backend remote state and we dont use any cloud based systems. We have an in-house Object Storage (S3 compatible) but no way to set locking for the state.

The only approved tool available for me is PostgreSQL and want to take some opinions, caveats, advantages vs disadvantages on using PostgreSQL as a remote state backend.

Cheers!!