> aren't there a very real risk that the most talented people, who enjoy working from home will simply leave, while the less talented returns to the office because they'll have a harder time finding new jobs?

a.k.a Dead Sea effect

Leave to where? All the other FAANGs and tech companies seem to be doing RTO as well. There's no "dead sea effect" because the less talented are also being flushed out by layoffs specifically targeting low performers. And the job market is so bad right now that there's absolutely no shortage of fresh talented folks to hire.