I think there is some 'presenteeism' regarding schools. I do not believe that more time spent at school = better attainment. Not always. Most certainly not when it is about 'being at school for register taking' rather than 5 minutes or half an hour later.
Personally I have found that certainly at primary school age a child will learn more overall if they spend 4 days at school being attentive, full of energy, and healthy, and one day at home recuperating and resting, compared to spending 5 days at school feeling miserable and tired.
Generally, my child also learns more in one day spent at home (e.g. during 48h after being sick) than in one day spent at school. He misses his friends though.
So if I wanted to maximise my child's educational potential, I would be sending him to school much less regularly.
There are other reasons for regular attendance and not being late. For many children, they do not include 'maximising educational outcomes' though.
I know the statistics show correlations between attendance and outcomes, but they are statistics and say nothing about individual children.