The human network effect is substantial, but constantly decreasing with increasing connectivity. It’s getting easier and easier to get the same benefits online without much of the downsides.
If people can fall in love online, they can certainly collaborate without having to smell each other.
If you were to do napkin math on which cities have the best internet speeds and the lowest cost of doing business, and the best regulations then probably we'd all have moved to Estonia by now, but people are still more likely to go to Israel, a place in the middle of a warzone.
So for that reason, I find hyping technology up as the great equalizer very cynical. It's mostly still people and culture at the end of the day.