On a separate point, missing from this is the potential opportunity cost arising from NOT having a meeting. It’s a harsh reality, but sometimes the reason you’re sitting in that “pointless” meeting is that there’s a small chance you’ll need to be called upon, and if you aren’t present there is a person or people whose time is even MORE expensive than yours who will suffer a cost that more than offsets the cost of 2 or 5 or 10 developers sitting there twiddling their thumbs.
(That’s not often the case, mind you, but it does happen.)
Anyway, “High Output Management” by Andy Grove does a great job articulating the math of meetings and how to maximize their value.