Earlier quoted context omitted.
I've worked with some folks who were decent engineers who originally didn't get offers from FANG companies because they blew the interview; they later studied their ass off on leetcode and got offers. This did not make them better engineers at all. Ultimately, its just studying for the test, very much like the ACT/SAT in high school. You can be great at taking tests but ultimately a terrible student or vice versa.
I go back and forth about how I feel about doing heavy algorithm/data-structure stuff in interviews. On the one hand, I have never once written any kind of sort algorithm or LRU cache by hand for a production system, because why would I? Pretty much every language's standard library has a fairly-optimized sort and caching thing built in, and if they don't then there's still probably a million outside libraries to do…
If I were hiring a carpenter I would want to know they understand their tools and when to use them. I don't care if they don't know how to make them. But of course knowing how to make them suggests an intimate appreciation for the craft (looking your way Matthias Wandel)