My employer built out a new HQ last year.
It's all open, including the executive area. The only nod to privacy for the CEO is a corner desk flanked by board rooms on both sides and her admin towards the interior - it's open, albeit semi-protected. Same for the other C-levels.
VP and other non-executive management have the same desks as everybody else, intermixed with their teams.
We do have ample meeting spaces, from drop-in huddle rooms for 2-4 people to normal bookable conference rooms. And we spend a lot of time in them, especially management.
Would private offices work better for the company? I have no idea. But, the current environment doesn't strike me as any worse than the previous HQ, which had high-walled cubes but lacked ample meeting spaces.
Edit - and by "any worse", I mean there are flaws for sure. I'm not arguing open is great. Just no worse than the previous generation of cubes.