I've had many face to face conversations in a room with a whiteboard that couldn't have happened nearly as efficiently if everyone was remote.
Now I do think that the push against work from home in general has very little to do with operating efficiency (if companies cared that much about operating efficiency they wouldn't have developers working in loud open plan offices, drowning out the world around them with headphones), but the argument that there's no utility in face to face meetings is just as meritless.