smilesup
The key thing in your situation, and other organisations that have flexible working policies that suit organisational needs, is that it's all above board.
In your organisation's case, they've decided that there's no core hours required for the work to be done to an appropriate standard. You have total freedom on your work hours.
In another organisation they may have core hours of 10-3, or they might say that the working day is 9.30-4.30 and people can take their lunch when they want between 11-1. They'll create a policy that's appropriate for their organisation.
Some organisations might be fully remote, others might be hybrid set days on site, others might be hybrid but flexibility over which days.
Another organisation might work compressed hours as standard.
Another place might pay over time, whereas another organisation might allow staff to built up flexitime to take off when they need to.
In another organisation they might people to be working 9-5 so whilst they're happy with home working and trust people to use their breaks appropriately, the expectation is that people being paid to work are actually working.
The big problem isn't flexible working. The big problem is people in roles they have no intention of fully doing because they think WFM is a nice little way to skive off.