In general, yes. That's the schedule when it makes sense. Mostly, we do what makes sense. Flextime.
All in all, the only real issue is when to have company wide meetings? Because we have accounts across the US, the middle of the day will work for everyone.
We all know what needs to get done, so we get it done. Lots of things simply don't matter when. It's all about the things that do matter.
In the past, when working in a more mature environment, yeah. Work the office hours, make sure they get what they pay for. Give a little, get a little when needed.
Other days, might be meetings in the morning thru to evening conference call with our design center 12 hours time diff, could easily be 7am to 11pm or more, with the odd hour or two off in between.
But, I am a contractor/consultant and paid by the hour.