I say this as a manager. It feels like what they are doing is grinding our teams beneath the heel of HR. Sure Amazon went through this. Other companies have gone through this. However it is well known that Intel pays substantially less than competitors. So now, does Intel follow the same sleazy HR policy of forced downsizing via RTO? We will lose great people. Our people are not easily replaceable. Pat understood this. Pat also understood that you can't combine and compound bad news, such as layoffs with RTO. The environment will become toxic. It will be the final nail in the coffin.
I'll leave you with this tidbit: NVidia and Netflix work remote and they have dominated under their policy. It ain't the policy.