Web conferences can take a lot of the routine meetings and company team folklore meetings. But this move has happened long before Covid. What is left will stay as personal meetings cannot be substituted. Confidential matters are nothing for web-conferences and e-mails. Many companies experience this and stolen data only now. Whoever had a web connection fail during important meetings will insist on being there in person for the truly important stuff the next time. During Covid positions and people changed. So the need to meet in person is even bigger and more urgent now.
Business travel will resume and come back. However cost might play a bigger role. This is why I am sceptical about Premium Economy growth predictions myself expecting people to go either cheap or comfortable, Basic Economy or Business Class.