I agree. However I still support work from home because it’s not up to me as an employee to fight for something that benefits the company at my own expense.
Commuting, finding an apartment closer to work, living in a place that you dislike, buying lunch or making it in advance, and a whole mess of other things are expenses that fall directly on an employee.
On the other hand suboptimal knowledge sharing, misunderstandings, less serendipity, etc. are not only hard to measure but are strictly of benefit to the employer.
If WFM means slightly less productivity per dollar spent in exchange for employee happiness , then so be it. The company can absorb the expense just like it does when it pays for on site cafeterias, overtime, and bonuses or extra vacation to mitigate burnout.