With hybrid work increasing, you can now define your work hours location using Outlook Web Access (aka Outlook on the Web).
To do so, connect to your mailbox using OWA (https://outlook.office.com/) to access the Outlook Settings from the gear menu
Then access the Calendar\Work hours and location blade
You can add up to 3 different locations per day to define the working location between office and remote
Once set an icon showing the location (either office or remote) is added in your calendar; if you define multiple location for a day, additional corresponding icons are shown
If you don’t want to set a schedule (as shown above) you can add location for a day using the Add work location
You can change the location by clicking on the location icon
This information will then be available in the scheduling assistant in Outlook Web Access (not yet [?] available in Outlook Mobile or Outlook client), people card in Teams and person’s contact card