I wonder if anyone has done the work to adjust for 'net salary per hour working or commuting' for WFH vs. in office work in a high cost of living area;

This can easily translate to a 50-80% higher salary after housing costs, which for sure would translate into better wellbeing for most people anyway. For some EU companies, this can mean not even having to live in the same country, so wildly different cost of living.

Just having to live somewhere you can reasonably commute to an office, even just 2 days a week, is massively limiting in terms of where and how you can afford to live on any salary. For a daily in office work it's even worse.

Then the commute costs; easily 5-10k GBP per year for 'commutable to London' towns in the countryside.