You have a point. Also, the heavy use of telecommunication recently introduced at a large scale makes a lot of sense environmentally. If this means that more people will eschew living in the largest cities, I will stand to benefit from that because my wife and I own a house in a city that hasn't been growing too much in the recent decades. If the increase of distant working causes people to want space around them again, there will be growth and higher property values where I live.
I think manufacturing will become more local but not necessarily in any kind of primitive way. More sophisticated 3D-printing among other advances in automation will bring manufacturing closer to the consumer.