Ok, maybe not the timezones themselves, but timing in general. If a coworker of mine in Europe is blocked on me for a task in their morning, they have to wait until their afternoon (at best) to get unblocked. Worse, if I have a tasked blocked on them in my afternoon, it has to wait until the following day. There's a small window of time each where we can have rapid collaboration.
Fortunately for the team I work with, we all seem to have structured our own work items around this problem. I know that when I come online at the start of my day, I need to work on tasks to unblock those in Europe, then the tasks that I might block on them for, and only after that will I work on tasks that I can do on my own.