It's not only about the location, imho. I don't want to stay at home. I want to work where I'll be most productive on that day. This can be my dedicated desk, my sofa, a Chinese buffet, the coffee shop around the corner, or one of the remaining WeWork offices.
There is also a whole different aspect to it, which imho is overlooked and underappreciated: asynchronicity.
When you build your organisation under the paradigm of remote-first, you can tap into a beyond-regional (= worldwide), distributed talent pool. Once you tap into that beyond-regional, distributed talent pool, however, you will get people with very diverse individual realities:
People who located in different time zones. People with kids. People with disabilities. People with second jobs. There are also people who are more productive in the mornings, others who just bang out amazing code late at night. People for whom this might change over time, sometimes during the course of the week. Other people who take Wednesdays off, but work Sundays instead. All kinds of things which happen at different times and are not entirely plannable.
To capture all these flavours of productivity, you need to also build an organization that works well with asynchronicity. Ideally, an organization that is async-first.
This means: as an IC / manager you need to agree on deliverables and time lines, overshare information, submit actionable requests to your people, not require/expect immediate responses, and make explicitly stated assumptions when needed.
With this in place you have an organisation that is truly resilient, high-bandwith (as @paulgb said), and works like a global mycelial organism instead of a rooted tree, independent of location or time.
That's much more than to just "WFH" from 9 to 5.
Source: Have worked with and lead teams from San Francisco to Manila.