It's less efficient for us than being co-located, because we don't socialize as much regarding non-work things and we don't have the unplanned existential conversations about the business that come up at random moments.
Still, I think there is benefit to being remote part of the time. This is the 3rd stint of 2-8 weeks we've done remote interspersed with period of co-location, and I highly recommend that. It gives you time to do your own thing, see family, etc., and then when you meet again in person, you usually have a super productive several weeks.