The reason they start and kill so many projects is precisely because they are measuring top-level metrics and acting on them. A developer is going to look at how much functionality they implement, refactoring they complete or tickets they close and say "Wow, I've been so productive working from home". Management is going to look at growth and revenue, execution against top-level OKRs and the opportunity costs of competing options and maybe reach a different conclusion.

The reality is that neither is probably a WFH issue as a first-order effect.