As somebody who has done it for almost 11 years, it depends: on its own, it's actually cool that you get the flexibility to deal with kids' schedules; however, if it means sharing the house 24h with them or the wife, as it can happen in early age or under lockdowns, it can be very challenging, and there the office feels like respite.
Working from home for the past 2 years has allowed me to help a lot with my own growing family. I do clock in my normal work (if anything I do more now because of my home setup, being able to jump in and out of work, whatever the hour.) My kids have certainly grown up accustomed to the setup, too. We've got good boundaries and I'm able to see and take part in a lot of their "firsts", all while continuing to do good work.