The advantage of leetcode is that you study once and then it applies for every job you interview for. Like democracy it's a horrible system except for all the others. Take home project? There goes 4-12 hours per company that gives you one and sometimes more. Companies have no incentive to cut it down or not give it to even marginal candidates so you'll get a lot more of them than full in-person interviews. Pair progr…
I would argue the problem is it's not a one-time cost. You pay the cost almost every time you want to change jobs, because leetcode/algorithmic interview questions are so fundamentally different to what we actually do day-to-day as developers. It is very easy to completely forget all about graph algorithms in, say, 3 - 5 years during which time you've been a productive, valuable member of a software development team…
Being a productive, valuable member of a software development team is teaching you things that will set you up for success in higher level roles. You won’t be taken for those roles on Leetcode interview performance alone.