The master's in CS can be useful if:
1. You have an undergrad degree in liberal arts
2. You pay as little tuition as possible
3. You take no time off and continue to work FT
These apply to me -- my undergrad was in English, I paid 6k total (27% of the 21k total cost) and went to school at night over 4 years while my career continued to progress.
Most of the people in my program couldn't write a FOR loop if their life depended on it, they viewed it (incorrectly) as a jobs program while the school needed the $$ to keep the dept afloat, so I'm not surprised they fared poorly in technical interviews.
But that doesn't mean the degree isn't useful. If you're already a programmer, it helps get your foot in the door at many places. HR managers/recruiters feel more confident forwarding on your résumé, they can't parse your GitHub repos.
The degree is icing on the cake, it's not going to magically turn you into the Cinderella of Programming if you have no real-world experience. I got my master's with a QA and a paralegal and today? They're still a QA and a paralegal.
That being said, timed technical interviews are almost universally asinine, IMHO. When in real life do you have 10 minutes to figure out a problem? Or are prevented from Googling the answer? The measure of successful programmers is how efficient and professional they are in problem solving, not how much useless information they can keep in their head.
Things I've never had to do in 'real' life:
-Never had to split a linked list given a pivot value
-Never had to reverse a string or a red/black tree
-Never written my own implementation for Breadth First Search
etc etc
Personally I'd rather see take-home assignments that roughly approximate the type of work you'd do, which in my career has been churning out new features or applications. Does knowing the time-complexity of radix sort vs heap sort really have a material impact on your effectiveness as a programmer? No.