I've definitely had bad experiences with take home tests, but well-run take home setups can be a lot nicer than phone-screens with live coding.
When I interviewed at my current employer they made it very clear that the take home was meant as a conversation starter, and everyone who gets a take-home made it to the on-site (virtual in this case since its a remote role). This removed the guess work into whether the test will be a waste of time, as there was a guaranteed on-site interview. The test itself was also a more accurate representation of a simpler version of problems that the team was working on, as opposed to a generic algorithm problem.
Overall this was the most positive interview loop I've ever bene through, and was a big factor in making a decision to say yes to the job offer.
When I interviewed at my current employer they made it very clear that the take home was meant as a conversation starter, and everyone who gets a take-home made it to the on-site (virtual in this case since its a remote role). This removed the guess work into whether the test will be a waste of time, as there was a guaranteed on-site interview. The test itself was also a more accurate representation of a simpler version of problems that the team was working on, as opposed to a generic algorithm problem.
Overall this was the most positive interview loop I've ever bene through, and was a big factor in making a decision to say yes to the job offer.