Agreed, the loss of some opportunities for signal like is definitely one of the downsides.

One thing that helps a lot is occasionally mixing in (non-recorded) video or phone calls, and having a lightweight way to initiate one.

Text chat: "quick call this afternoon?" "3pm ET?" ":thumb-up:" <call added to calendars>

For that matter, making 1-on-1 text chats mostly private reduces the chilling effect of perceived boss panopticon. The company might retain logs for various reasons, but the only access is through Legal, and only for exceptional events.

(Though, there may soon be an additional chilling effect on communication within a company: people will realize it's an individual problem if the company's third-party team communication SaaS is profiling them individually in company chats "for AI training", and using/selling that various ways. There's already a lot of SOP performative and gaming behavior in our field, especially when it comes to obtaining jobs and getting good performance evaluations and promotions, so we can extrapolate what will happen.)