Well many places allow you to do 80% time (at least in the UK)... but you get 80% pay, 80% bonus, 80% holiday accrual etc too.
And from experience it seems that 80% people need to try damn hard to actually keep it at 80% and not get sucked into doing more to "keep up".
IDK about UK but in Germany it’s the law that employees can request 80% work at 80% pay and can’t be denied except for significant operational reasons and such.
As you said, it can be a double edged sword to be the 80% worker in the otherwise 100% team.