If my in-laws wanted to do this, I'd let them (who am I to stop them?) but it would piss me off.
We've worked really hard with my DD (10) on managing her expectations of the day and trying to create 'new traditions' to make it special for her.
Me and DH are both only children (effectively, its complicated) so I host BOTH sets of parents EVERY year and have done since I met DH. It's the only way to make sure that neither set are left to celebrate alone.
I WISH one set would ask to host everyone one year, but despite me saying I'd like that they never do.
The prep and hosting on the day exhausts me. my mental health isn't always great and I feel pressure and expectation - real or perceived.
I never enjoy the day until everyone goes and I can take the dog out and de-stress.
This year will THANKFULLY be different. No pressure, expectation, hosting or audience.
DD and I have been talking about how great it will be to open our presents first thing without waiting for them to arrive...how we can have seconds and thirds of desert, how we can wear PJ's all day and play with any presents she gets without me being up and down getting people drinks etc.
Of course we will miss the grandparents (ok, only a bit) but we're embracing this year for the some of the 'just us' bits we can.
We'll FaceTime later in the day and possibly do a drive-by present giving to their doorsteps early evening.
Grandparents gawping through the window would ruin the feel of it all.