If my time isn't free to use as I will it's work. I don't care if it involves zero physical strain or if I'm on a call or in a meeting. Being in a meeting is obviously work.
Your company is trying to get you to work as many hours as possible for as little money as possible, as a working person you should strive for the opposite. As a worker you are selling your labor (of which you possess a limited amount) and any rational actor in a capitalist society should attempt to maximize the gains on what they have to sell by charging the buyer as much as they can for as little as they can. I don't expect a large corporation to strive for less profit because they're "already making more than they did before".
To be clear I don't _like_ this state of affairs but so long as these are the rules ignoring them only deprives yourself and helps your company.