Maybe it works for other (non-SWE) professions, and maybe it still works for the more conservative enterprise companies, but my experience is that for most Silicon Valley style tech companies, a referral might at best just let you skip the phone screen. Then it's the same leetcode circus show as anyone else.

But yes, I agree with you that most third party recruiters suck. I'd say there are some very small boutique firms out there that don't suck though. Generally, the larger the recruiting agency, the shittier they are.