Teleconferencing is very workable but requires preparation and discipline and professionalism in the workplace.
I ran teams in three states (some in multiple sites) of AU, some team members who often worked from home and another team overseas all at the same time, some on 24/7 tasks, some on $1M+ projects. All the while not having much a travel budget and not permitted to fly more than once or twice a year for 3 years. Half the team members I had never met.
Punctuality by attendees, well prepared agendas circulated in advance with clear expectation they had been read and prepared for, attendance limited to only those who really needed to be there and could contribute, a strong chair (who wasn't necessarily involved in the project), accurate minute taking and allocation of tasks/actions & setting of expectations before the next meeting.
Video conferencing wasn't readily available (just teleconferencing) and we rarely used it as watching the screens etc was a distraction to listening to the meeting progress and taking notes.
Unfortunately in many teams, a lack of professionalism results in meeting protocol and productivity succumbing to non-team like behaviour, arriving late, being unprepared, gossiping, not sticking to the agenda, people attending who didn't need to be there/had nothing to contribute, poor minute taking, not following through on action points et al.