I ain't cheaping out on current quality of life by having massive commute and adding stress, so shaving off those 20 mins each way doesn't mean much to me. Work-life balance is better with clearly-cut 'theatre' for work and life, having commute as a separator.
Oh yes of course team work with remote is inefficient, was before and will be in the future till we wire our brains together. Having a whole team nearby makes everything so much faster, and I don't even go to the topic of different time zones.
The only benefit for me - more time with my baby. But in these super-short bursts till another interruption from work comes, and they do.
Another thing which I haven't seen mentioned much - people are much less active in general, this will without doubt have bad consequences on their long term health (although these will be hard to track precisely). I am trying to motivate myself into weight training at home 2x per week, running 2-3 times per week weather permitting and long walks on the weekend, but its much harder compared to having gym, and I know literally only my parents (whom I motivate myself to do so) that are so active. Everybody took the 'stay on the couch' too literally. But that's another topic and maybe this is very local to folks around me.