Recently went through this. Got an email at 2pm saying "please run through this exercise". Looked at the doc, then decided to hit it. I submitted everything back before 6pm. It was around 2.5 hours, and I took a short break in the middle. I screen-captured my whole session (not sent in) but to have a little souvenir of the exercise. There's really not much way I could have 'cheated' on the time because there was only 4 hrs tops between sending the email and submitted my results.
Their estimate was 'we expect this to take 2-3 hours', and they weren't all that wrong. I could see someone less experienced taking more than 2 hours just on one of the bad queries - unless you've seen the pattern(s) before it's hard to recognize and refactor quickly.
As a current FAANG employee, I didn’t put up with that bullshit from anyone including FAANG companies.
Then there's senior in most of the rest of the industry. We don't do long, annoying interviews. If your process drags on we've already accepted one of our other offers. We don't make FAANG money (mostly) but we also don't put up with horseshit. You want me, or not? If not, 100 other companies do, so bye and have a nice day.