My experience with working from home is that it removes a lot of the more stressful time wasting elements of an office job (the commutes, the need to look busy at all times, etc), but can create a feeling of emptiness and meaningfulness if the social aspects aren't taken care of elsewhere. Like, if you don't have much in the way of hobbies to fulfill the same social needs, it can become very easy to stay as a shut in 24/7. That may be okay to some people (especially those on the extreme introvert side of the introvert/extrovert spectrum), but can become a recipe for depression for those that aren't.

It also feels like it works better if your job gives you plenty of things to do everyday. Like, if I have 6-8 hours of tasks to take care of a day, then work from home makes me feel more productive than ever, since I don't have to stress about commuting and there's no context switching necessary for things like popping out to lunch or going to physical meetings. But if there's barely anything that day... well I'm kinda stuck. I can't really focus on my own projects, since there's a chance my actual work could come through at any moment. But because the work isn't there, I can't do anything productive for the company either.

So you end up in a situation where you have free time, but don't really have it, and you can't afford to focus on anything in case something more important pops up.