if they work for the same company and deliver the same value... yes that is exactly what I'm saying.
This is largely due to network effects and the higher efficiency of communication with co-located teams. I’m a software engineer, and like other software engineers, my job is something like 50% communication and 50% coding/testing/operations. As you go up in seniority and expertise, the ratio shifts more and more in favor of communication. A fresh graduate or more junior employee might have a larger share of coding/testing/operations.
The communication side of my job is suffering like never before during mandatory WFH.