I will never say there's no value to being in the office. Transfer of information is much quicker, because you can bump into someone in the hallway you may not ever have an overt reason to connect with on a Teams call, but in that hallway discussion realize a previously unknown overlap. Discussions can be faster and more productive. And it gives more junior employees visibility, as in they are seen by executives, but also they can see what executives are working on and what their priorities are.
But there are downsides. You need to be in one physical location, which absolutely limits your hiring (in modern parlance, it means you're hiring for location, not for merit.) It means you need to fully staff that location, too. With hybrid, if you have a guy phenomenal at a niche skillset you can scope him on numerous teams, but if you're in one location, you need a that guy anywhere that team does work, and if that office only has enough work for 25% of that guy, you either overhire or don't have that work. And I am just so much more productive at home. My living 2 hours from my office is my fault, but when I'm in the office I am stopped constantly for little catchups. I may be unique, as my schedule is already 6-8 hours of meetings, with rarely a gap in between over 30 minutes, but at least I can usually read emails in those 30 minutes. In the office, I cannot, because someone saw me and is using my free time to chat me up on something. Arguably it saves me a meeting later, but it is unplanned and takes away room to work.
Plus, the ability to have faster discussion offline kind of disappears when you know people. After hanging out with someone in person a few times, my virtual meetings are as productive as my physical ones. To a certain size. Get more than 5 people and people get more quiet because interrupting is different, whereas in a room 6+ people will happily all contribute.
5 days a week is batshit crazy to me. Batshit. Unbelievably crazy. 1 day a week is pretty good, and what I have committed to (though if you include travel, I'm at 3 days a week in 2025.) If I were within 45 minutes of the office, I'd probably average 2.5 days - 3 some weeks, 2 others. I think people should have flexibility, because if your kid is home sick or you need a plumber to come, you should work from home that day. It's fine and easy. If you are sick, normalize staying home to not get others sick. If you're an independent contributor not interested in management or promotions, go remote. It should be a role by role thing, not blanket.