You can save on costs by spending less money on on office space in favor of team events.

You can also save money with hiring and retention due to happier employees.

Offshore is a reasonable comparison. Virtually all offshore implementations that I have observed result in at least one employee being forced into becoming an offshore orchestrator. Everyone now has to play telephone with the offshore dev through this channel. Even if they could contact them directly, you have a one day communication lag because you only get one shot a day to have a one hour sync with the offshore team. In bad scenarios, the offshore team has all communication channeled through the local team lead creating yet another layer and further communication lag. The point here is that engineering teams have been communicating how this issue is detrimental for years. We saw WFH work in a forced experiment (and had a lot of data about improved productivity). It is obviously not a direct comparison, but the egregious nature of blind positivity towards offshore and blind negativity towards WFH makes the comparison relevant.