I read about this visa on a blog that targets "digital nomads".
https://www.travelinglifestyle.net/thailand-has-announced-a-new-easy-to-get-visa-for-digital-nomads/
Notice the language used in the article.
the country decided to introduce the new “Destination Thailand Visa” (DTV) for those interested in a “workcation.”
The new visa targets digital nomads, remote workers, freelancers and others who want to live and work in Thailand for a period of up to 360 days.
The visa has a fee of 10,000 baht ($272) and allows you to stay for 180 days, which can be extended for a similar period after paying another 10,000 baht.
I interpret up to 360 days as "up to 360 days total in 5 years". Otherwise, the only other way to interpret it is "up to 360 days per year".
But that's practically permanent residency, not a workcation.
I interpret "can be extended for a similar period" means ONE extension in that 5 year period.
I could be wrong. Let's wait and see.