I always just basically ignore TZs and always use UTC when communicating with my international team. Only using a single timezone for everything simplifies things a lot.
How do you handle DST? That's the only wrinkle I can see, recurring meetings changing time based on the season. With location-specific meetings, we've been lucky so far and all countries involved switched to DST at around the same time.
That's exactly the issue -- you want your local meeting at a particular local time, and if you schedule it in UTC, the meeting shifts by an hour twice a year.
this isn't a solvable problem with a sufficiently dispersed group. not even all US states observe DST, let alone all the countries in the world. you can't set a recurring meeting that will always be at the same local time for everyone.