Good callouts, those are definitely situations where distributed time zones work better! Not sure about running 3 shifts to ship a new feature, but I have no experience in that area. What I am currently experiencing (working with half my team in the same tz, half is 10-12 hours off) is that it adds complexity. For example, when we coordinate handoffs between time zones, we have to be really explicit about dates and times. Delays tend to be more costly - instead of 1d delay, things become 2 if someone is out sick and doesn't deliver their critical path dependency.
It's a tradeoff, does require additional coordination and thinking things through. It's somewhat similar to remote work, tbh - it adds complexity but you also get benefits. Depending on each situation, the value added/cost parameters change.