What is important between attendance in work or deliverables.

Depends who you ask.
Ask a RH person : attendance
Ask any non dev person : attendance
Ask devs : deliverables
Personally I think it’s a mix. A dev who “works at home” 2 days a week is not working full week. If he/she provides good results I’ll be fine with that. But let’s be honest, 85% of “I’m working at home” = “I’ll do the bare minimum today because of reasons”

Who the fuck cares if you're sitting at a desk if you never get your work done?

Who the fuck cares where you are if you get everything done and done well?

I mean, if you're living/vacationing in China, that's going to be bad because hey, they're watching you and everything you do. but apart from people literally spying on you, your location should not matter in the least.

Now, attendance for mandatory standups and dev updates? That can be an issue.

Creds: dev, lead dev, dev manager