It doesn't allow MUCH flexibility, IMO. One day from home, which maybe allows you to try and schedule doctors/dentist/school stuff if you have it and those things are closer to your house. I think it creates a work/like imbalance for a LOT of people for sure.
And the "collaboration" is false. Even in the office, people still meet via Teams/Zoom/whatever.
I've been WFH for over 15 years. My work is doing away with all remote workers that aren't in a hub location, so I will likely be laid off in the next year or so. Closest hub for me is 70 miles one way.