Ask HN: Focus on projects vs. competitive coding to land a job as a fresher?

I have mostly been focussing on building real-world software projects, contributing to OSS and doing internships as a CS student. But I have come to notice that all the companies that are recruiting students from my college tend to attribute more importance to competitive coding questions (DS and algorithms) and aptitude tests (English, Math and trick questions).

I have also seen stuff on the internet like https://twitter.com/mxcl/status/608682016205344768?lang=en

How important are the roles of OSS projects and competitive coding when it comes to landing a job as a fresher?