I feel that companies still misunderstand how to evaluate these metrics they're collecting on the efficacy of RTO.

IMO, RTO efficacy should be measured on a team-by-team basis. There are no doubt zero "one size fits all" approaches for entire orgs, or entire companies (and if there are, then the metrics should /strongly/ reflect that)

To actually measure efficacy of any measures, you need to implement them in isolation. It is really hard to evaluate how working from home is affecting productivity while simultaneously doing mass layoffs and pushing people to replace their fired collagues with AI