I think it depends on the business and the individuals. For years I had to endure, yes endure, working in an office with 'talkative' co-workers, one of them in no need of a microphone let's say. It would cause me levels of stress, reduce my productivity etc. And of course, some people depending on their role have no choice but to travel to/from a workplace, luck of the draw to an extent.
Now, of course you can say 'that's something the manager should address' (noisy offices) and to an extent that's true. However it's not always as straightforward as that, office politics etc.
So, in my case and many of my peers, we've seen productivity go up and our stress levels reduced. I know for sure my mental health has improved.
But oh no, the WFH contingent are all that's bad in the eyes of backward thinking managers and leaders. Let's not be forward thinking around productivity as a whole.