I definitely feel, and observe, a noticeable decrease in productivity and speed of execution compared to where my org was a few years ago. I know others have noticed it too, including management.

On top of all that, companies are expected to run leaner than before because now that the bubble is over, apparently everyone remembered that having a sane balance sheet and making a profit are things that matter. So now we want per-worker productivity to increase because we can't hire as many people.

The basic social contract of work has not changed. Tech workers have better pay and benefits than almost anyone else, and we should not be whiny about this. Most workers in other fields had to return to the office too.