Back in the early 2000s when I was Junior Engineer Number 32204, and not particularly valuable to my medium sized company in a competitive industry, I could never have gotten away with "Oh, by the way, boss, I am totally unreachable nights and weekends, and don't bring work with me on vacation." But, now, quite a bit more senior in my career and working in a "comfortable" big tech role, it's possible.
But not a general solution. But with a good manager can work more broadly. And I did see a couple managers do something similar for their teams, making it clear that if you need emergency attention contact the oncall, if for some reason that won’t do call the manager. This friction alone deals with most issues.
I tried something like this over July 4th weekend last time I was full-time anywhere (startup; 2010) and it very quickly devolved into an i-quit-you-cant-quit-i-fired-you situation and the company withholding my final paycheck. (New York State employment law does not mess around and I was eventually paid after dragging the deadbeat through Small Claims.)
It traumatized me and is in large part why I've been a freelancer / running my own consultancy ever since. My self-employed situation is better in some way and worse in others but I can't even imagine what it's like to not have my back against the wall 24/7/365. :(