Personally I would advice against such program especially for MPhil. However, it really depends on too many variable such as institution, program structure, your commitment, your priorities in academics and your future plans, the online resources, networking etc.

I made a mistake in my original reply. I meant I would advice against distance learning for MPhil. I have worked with many people who done this (particularly in IPTS) and most of them, even those who graduated from very prestigious universities, lack the theoretical understanding for a quality research and even the knowledge of a master graduate. They basically only know how to do a pseudo empirical research. I would advice at least 1 in-campus semester for a master program.

Still, there is an argument of cost vs benefit. I personally think the costs outweigh the benefits for distance learning. If you plan for distance learning, ensure things such as networking, academic resources etc are obtainable for you. As mentioned, maybe spend 1 semester there.

P/S: this may be a unpopular opinion, but I think most people severely underestimate the importance of theoretical understanding in academics, especially in post graduate study. Theoretical understanding is especially helpful in decision making and core understanding in your field (mine is economics), differentiate you from most other candidates.