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Ever did that??
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The optics are the main issue.
I personally wouldn't really care as long as people are getting the work done on time and being efficient.
But if my boss, or my bosses boss, found out you were watching Netflix, they may get mad without the context of know how good of a job people do. And they will have form an opinion and start getting mad at people before anything can be done.
My friend use to work with a guy that would do that on their second screen. Problem is their desk was in one of the main areas where people walked past. Even investors. People can form opinions and may never say anything except at the next round of layoffs.
Pro
The key difference is audio versus both audio and visual. Listening to a podcast or music with your headphones or ear buds is one thing while having Netflix streaming on a monitor is another. Netflix by nature is a visual form of entertainment. You are far more likely to be distracted visually from your work. If you had the browser minimized and it's not visible then it's no different than music or a podcast. Like others have said the optics matter.
I listen to dateline episodes on peacock while doing mindless tasks. Who cares if you’re getting the work done.