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 don't mind the idea of take home exercises as long as I have an actual chance of getting in. If i'm really serious about joining a company and the many months/years to come with them, I can probably spare a day to show it.
It's always surprising to read people complaining about spending even 8 hours on a take-home problem in the comfort of their home, with no one looking over their shoulder, finished at their leisure. Meanwhile, anyone serious about applying to the same company wouldn't hesitate to take PTO and leave work to go on-site for a similar amount of time for an interview.