IMHO, while the median comp might be higher in FAANG, one can get comparable or even higher compensation in many other companies given certain level of excellence in one's craft.
For lab work I can see why wfh is not an option, but for software development and lots of other work that could be done from home the decision should in principle lie with the employee, whatever works best for them, assuming that they are able to function like that.
One example, I'm a dev, and I talk to people we are trying to recruit from companies I worked at previously, they all ask me whether my company serious about going to in person, will that slowly fade away based on covid. I asked the recruiters and they said almost all the recruits ask that question too. I've always been in person at faang type companies and now about every month our vp of engineering schedules a new 'go back to the office' date, but it keeps going backward. Next date was going to be January something, but I'll put money on it going back monthly. One last whine, they keep saying they will do a survey of employee desires and concerns around this, but they keep delaying it for some reason.
Nice saying from the metalworking world: 'increased feeds and speeds are no substitute for better planning'.