One - is this made clear to the candidate, two - "presentation to the team" - if the team is four people, that's four chances to be rejected from the position, which is the same as the "multiple 1-1 interviews back to back" gauntlet. Does this presentation also require preparation work?

OP mentioned its a run-of-the-mill mid-size enterprise software company, which should rule out any necessity on their part to run full day interviews a-la FAANG. A 4h project would then be very overkill unless they're extremely confident about their technical ability

It's asymmetric warfare, as the interviewer gets to clone it... like software... and then demands proof of work from the applicant.