There will be a few L4s and maybe a few below that(especially if they are within a couple of years of retirement) that may do something similar (flying/driving in Sunday night/Monday and leaving Thursday). There were some L4s I knew that did that very thing pre-covid. I knew a few that shared apartments. In the end, they spent more time in their originating location than they did in Dallas. It was more for show.
Most cannot afford to do that. Regardless of how it is done, (fly, drive, AirBnb apt), it's not only costly but it is a time/energy drain. But, if it buys time to find something else, or get to a certain date or dollar figure for retirement, I get it.
Someone credible told me a while back that SVPs and above have negotiated contracts, so if this one is virtual, it is probably part of the contract. I wouldn't be surprised if whatever they (the SVP) do in terms of flying and lodging and working a few days a week or a few days a month is covered by the company and expensed. They've likely already been doing this and it will be BAU for them and not impactful in any way like it is for the rest of us. One of many examples of the fact that most if not all at that level do not extol the virtue "Leading By Example". Agree - The Rich get richer. The Rest get fired.