Only if you frame it that way. On the other hand, a shorter commute means you now have free time you can monetize however you like, which you can put a value on

Only if you frame it that way. On the other hand, a shorter commute means you now have free time you can monetize however you like, which you can put a value on at whatever hourly rate you think your free time is worth, instead of being forced to monetize it by commuting.