I've been at the business of building software for 50 years — much of the time simultaneously as a manager, designer, and developer.
A recurring theme in that period of time is the general cluelessness of general management about the entire process. I was forced to join the management ranks in frustration and self-defense.
With software development, measuring productivity and value can be complex. However, supported by online communications software like Zoom and Meet, and because the bulk of our time is spent communing with computers, working remotely usually increases productivity.
In a sane and enlightened world, employees would be paid based upon the value of their contributions, regardless of where they sit. In this day and age corporate management is all to rarely sane and enlightened.