Should I be giving her feedback as to how she seems distracted?
I think you should only consider this if the occurrence is regular.
And I think you should first allow a generous leeway to the demands of parenting, and then consider whether the disruption is more than trivial, bearing in mind the size of the meeting, the importance and complexity of the issues in the meeting, the amount and importance of the contribution required, and the actual effect of any interruptions on the ability of others to concentrate (I mean visible or reported difficulty, not fanciful speculation).
The length of the meeting, and the amount of notice about the event and the content, should also be considered - with long, unplanned, and rambling calls obviously providing less opportunity to pre-empt or defer attention to the kids.
If you're at the point where you are sure there is a problem, then we proceed to the following question:
How do you want her to effect fewer disruptions? Are you expecting childcare to be arranged? Are you expecting stronger discipline of the children? Are you expecting her to work in a quiet room away from the children?
The amount that these things are likely to respond to managerial pressure is probably quite minor.
Any attempt by an employer to touch on money matters, or imply that a large amount of money should be spent which the majority of people on that salary are not spending, is also usually a deeply inflammatory topic from which no good can come.
Once you ask yourself what might be possible to change, it might become obvious that there is no solution. This is a mother in charge of children. So the question then would be what you are expecting to gain by raising the issue at all.
You may also want to consult gently with your HR department, set out the facts, and seek a second opinion on whether this should be treated as a problem, what policies apply to the situation of a mother in charge of children, and whether the company has an appetite for any kind of fuss over the situation.
Also just answering some specific points:
Getting her kids something such as food, stepping away from computer
This could be contemptuous if the children are older than infants, but it could also be a behaviour caused by acute embarrassment and a desire to relieve the interruption as soon as possible.
Answering questions from her kids
Breaking up sibling fights.
This is to be expected to some degree from children.