I know that you can track most anything (rations, ammo, etc.) -- but which physical resources - not meta things like spell slots - do you actually track in your own game?
We track money (for obvious reasons) and healing potions. We don't track ammo, or rations, nor do we track spell components and the like.
Well it's not always the same...
In the last couple of years I was lucky when I managed to run a one-shot, so I essentially don't even track money, because they are unlikely to be spent anyway. But the players of course are tracking those on their own, since they normally have the illusion that it matters.
As a player, I am never against keeping track of stuff, as I like the idea of managing my inventory. So if the DM wants, I am fine even with tracking individual doses of spell components!
But as a DM I would never force such micro-management on players. When I used to have the time to run long-term campaigns, I typically tracked things that could really make a difference during exploration such as torches and healer's kits. Not so much rations since they matter more during downtime than during action.
Ammunitions are a tricky case... On one hand tracking arrows is a matter of realism, but something that for most groups doesn't add much in terms of fun and can be overlooked. On the other hand, it has a much bigger effect on the
balance between different characters. Unlike light sources, healing doses, rations etc. that can be shared among everyone equally (and so their scarcity affects the whole group), running out of arrows affects only the group's archer(s). So IMHO tracking ammo is a game choice that should be considered more carefully. I can even go as far as saying that I would consider this choice bound to the DM's judgement on how the system treats ranged combatants: if you think the rules edition you're using favors ranged combatants too much compared to melee combatants, then I'd suggest start tracking ammo as a way to put a break on that.