Prior to Covid I already worked from home 2 days per week. The cost to me for commuting to work for 3 days was £90 and 12 hours (120 miles per day + 2x Dartford Crossing Tolls). Yes, the commute sucked and I don't miss it at all. I am also not polluting anywhere near as much as I was, not congesting the roads, and not requiring days off or healthcare due to the stress involved in the commute.
So, I am £90 per week better off AND I got 12 hours per week back, but I am still working 40+ hours per week, still doing what I was doing before, so still earning what I earned before. My colleagues who live 2 miles from the office earn the same as I do and do the same work as I do.
What has changed is that many companies have finally awoken to the fact that having people work from home is not leading to the feared decrease in productivity. In fact it seems to be leading to a slight increase in productivity and once the companies have downsized their offices to suit the new working regime, it will lead to an increase in profitability from reduced costs.
If you are heavily invested in commercial property, you are about to lose your shirt, and THAT is what they are all terrified of, so they are desperately trying to come up with ways of forcing everyone to go back to working in an office.
Only the invention of a 100% safe instant teleporter could convince me to work in an office 5 days per week ever again. My days of wasting substantial chunks of my life commuting are over :-)