I think the economy and productivity and everything else that makes economy and work tick are way more complex than your simplification to no commute = massive gains for economy, companies and happy new future for everybody is coming.
I see it in abundance in every single discussion here and elsewhere - people who hate commute but for whatever bad/stupid reason ended up far far away and were wasting hours every day on it suddenly have extra time and its great. These people keep praising current state as the best invention since fire. Most companies aren't organized around that last time I checked.
Maybe its a very US thing and true there on really massive scale. But here in Europe its not like that, not that much at least. Most folks commute 20-50 minutes. That is for 2nd biggest city in the country, smaller are more effective.
There are massive issues right now. Physical fitness is rapidly declining. People are going less out, less sun exposure. Amount of mental issues is understandably shooting through the roof (saw some firures about 5x increase in some cases). Economy is going down the toilet, some parts of it will crash very hard, possibly unrecoverably in current generation. These are effects that will be around for very long time even if we have 100% cure for covid tomorrow for 1 cent per dose.
Plus what parent wrote is absolutely, 100% true - I see people tired from constant conf calls and full remote. Mailboxes are exploding, it becomes hard to track emails even few weeks old. Brainstormings are mostly gone, people became more robot-like. Whatever you gain from not commuting from that middle of nowhere you live in means nothing compared to all this. For companies and for economies.