That's the Taylorist position, but I think Deming would like a word. And in the more sophisticated manufacturing world with shorter more bespoke runs, the problem-solving ability of your employees and their time spent performing non-recurring setup matters as well.
The 40 hour work week actually comes to us from research on the original assembly line. Henry Ford's analysts apparently concluded that 40 hours was optimal for overall productivity. Past that point and the cost due to the greater number of human errors more than canceled out the additional work.
I would wager that this optimal number is different for different people but also for different professions. In professions where fatigue doesn't result in more mistakes or mistakes are cheaper to rectify then the "optimally productive" hours per week might be higher. In professions where fatigue results in even more mistakes and mistakes are more expensive to rectify then the reverse might be true.
And this says nothing of the leverage of the workers themselves -- I suspect software engineers can get away with working fewer hours if they want to due to the fact that they have more leverage than most workers.
Blind men and elaphant? :)
Most software IT/ops is luckily generally much smaller in time scale of most incidents, and much more tolerant of hand-off errors and delays. Ex: For 24/7, you get an instant email acknowledgement of ticket receipt, someone triages it, and if on a boundary, OK for current shift to ignore and leave for the next one. Likewise, for bigger incidents, better for throughput for the same person to pick across shifts to avoid hand-off errors, even if that introduces delays when it spans shifts. But not universally true across orgs, nor for incident types. Ex: For tricky & sensitive incidents that take 8-24 hours, the hospital results show longer shifts might make sense, so I'd want to see experiments before making assumptions!
Three shifts works well for 24/5, each shift running eight hours a day.
It's different job from software engineering. More time doesn't lead to more stuff.