What a ridiculous argument. You are talking about behavioural issues i.e. not being available for scheduled meetings not something inherent to working remotely. Or to put it more simply:
Where's Bob? He should be in this meeting.
He's outside having a coffee and cigarette with Jane.
Definitely, as long as persons performance is measured in their outcomes and not in the number of meetings they attend to or the "butt hours" they make, working from home is as productive as working in the office.
I think the sweet spot is when it is a combination of both.
Doing good work does not compensate for being allowed to blow off meetings at will, allowing such behavior decreases morale among the group and can lower productivity as a whole.
Where's Bob? He should be in this meeting.