There are potential problems and I can see that the more one is involved in the household and the people likely to be in the house (as most women are) the harder it will be to manage your time. I worked from home for years long before it was so common and I did not have most of those additional responsibilities and it was still hard sometimes.
I found that while you can embrace the flexibility that you can gain there still needs to be structure and order. With little (in my case being self-employed none) structure imposed you have to make your own. I needed to plan my day to make the best of it. This meant satisfying clients, getting jobs done by deadline but also nipping out for an extra surf when the swell was up and the wind offshore or fixing the blocked drain before a flood happened. Even if you don’t get dressed or bathed getting up and starting each work day is important.
With small children in the house it will be very hard to concentrate on any item of work unless they are asleep. I think this is going to work much better once they go to school, then the day falls into a schedule and getting work done between (say) 9 and 3 becomes possible. I suppose for some it becomes sensible to employ child minders much as those who go out to work do. Unless the problem is solved one way or another I don’t see any chance of success as both parenting and work will suffer. As for all the other duties of the homemaker they can be scheduled or wait. That means if a child or spouse leaves a mess you might have to just shut the door and pretend it isn’t there. Let’s not get lost in the issue of men taking some of the housework off their wives when the wives return to work as that applies for all types of work.
Being housebound is another problem. Many people are not good at working alone, they need interpersonal contact and will suffer if they don’t get it. Many people who take the role of homemaker relish getting out of the house sometimes just to have an adult conversation, or any at all. I did not have the problem as my work was very immersive, I needed to set the alarm to stop and stretch and take a break, not all work is like that. Even so looking at the inside of the same four walls has its limits.
Here’s an idea; morning tea clubs for those in the street who work from home. Get to know your neighbours, you may find other benefits.