I can mostly agree with that, with an exception for giant corporations like the mentioned Apple and Amazon. Their runway for making wrong decisions (like RTO) is exceedingly long, due to their money and their moat.
Some companies don't see an appreciable difference in performance between those that can easily find work elsewhere and those who are otherwise unemployable. For those companies RTO is a great, though immoral, way to lower headcount without triggering the WARN act.