Ime take-homes was a good way to purge all the good candidates with options from your pipeline as they would simply not turn anything in and go with someone else. Maybe with AI and so many layoffs it’s better now I haven’t tried in last couple of years though i doubt it
People have been telling me that for 18 years and (a) we've hired our fair share of candidates with gold-plated resumes (and stopped hiring candidates that only had gold-plated resumes, acquired from failing up) and (b) the nontraditional background candidates we've hired have generally been our top performers.
Hiring in most of the tech industry is gatekept, and like every protectionist scheme, it isn't organized for productivity.