Depends on the business, I think. Some places are reporting higher productivity absent excessive meetings, long lunches, there’s much less sick time, fewer work related lawsuits, etc.
All I know is I gain the 2+ hours I lost commuting to and from the office.
I worked almost 100% remotely since the start of Covid until recently. My job CAN be done in that manner with no issue and in fact there are many of my coworkers that I will NEVER meet in person, Covid or not. We are a global company and nationwide here in the US.
Now they want us back in the office, and I get it. I really do. There are some benefits to it, but I do find that I waste more time there than at home. At home I might take more cigarette breaks (yes at home I could smoke at my desk if I chose, but I do not chose that) but at work I’ll say “Hi Mary, how you doing?” and Mary will tell me how she’s doing for 20 minutes.