That’s really the only way to do it. Any other situation where there are people looking face to face and someone else on a screen makes it not fully collaborative. People are naturally more inclined when there is someone they can look eye to eye.
My company is ~50% remote (or distributed) and our all hands are with every person on their own laptop. Some people in the office pushed back, but we went this direction with zoom where you can have up to 100 people on the screen at 1 time and it has been incredible. Plus, you don’t have to set up any a/v equipment because the meeting link is in the calendar invite.