Earlier quoted context omitted.
Before COVID most non-remote companies could still function if their VC was broken; now it's impossible without VC.
Is video really that important? Sure it has benefit of being a bit more cozy, but in reality phone is sufficient to discuss work. Screenshare is much more important, especially for knowledge workers.
Group meetings are much less hassle through Skype, or Teams, or Zoom, or whatever computer-based option you choose, than waiting for everyone to drag out their phones, dial the right number, type in the right meeting code.