I'm not aware of any empirical evidence that working in person is better for productivity. But what it does do is make 50% of the people feel happier - the people who want to escape their home-family to be with their work-family. In this sense I totally understand why management is forcing people to come into the office: it's because management just likes in-person, and they don't want to learn how to work hybrid or remote-first if they keep the office.
I think there continues to be a competitive advantage for remote-first companies. They can be more productive, have a global pool of talent to choose from, and potentially lower overhead. I think we're going to see incumbents remain in-person while disruptive companies will be increasingly remote-first.