What do we do with all that productivity gain though? Back in the days of "swap money for product" capitalism the answer was "more product, yay", but now a considerable part of the economy is completely disconnected from that mechanism and is only competing in the zero sum game of visibility as a service. If Facebook employees magically got 48h per work day all we would get were steeper walls in the dopamine traps we already have. And given the resource constrained nature of life in a gravity well, even the old "more product, yay" isn't quite as yay as we used to think.

Edit: sorry, I completely lost myself on a sidetrack

Actually I believe that your assessment is spot on, only that I would weigh the drawbacks a little different, in particular everything that involves new hires, even more in particular those new hires who are new to the field. This is a long term cost that is very difficult to predict: how will "second generation" remotes work? Is there hidden knowledge implicitly present in those who started in person that can diffuse from formerly present to pure remotes, but not from one pure remote to another?