They are distinct things, and knowledge workers aren't the most fungible things.
A good team is a good team, regardless of how they communicate and collaborate. Replace one person in that team, and you have a different team.
Replacing a team just because they're remote is phenomenally destructive, just like the layoffs are.
> because why not? after all, remote is so efficient
That's not the point of remote. It is a preferred way of working for a significant portion of the industry.