Not really. You get some exposure to a few concepts that are interesting and maybe a bit understudied in school (like dynamic programming) but challenges like the Advent of Code are better at that in my opinion.

You need to understand where they come from, namely the need for a standard and reproducible way to test candidates in 4 or 5 slots of 45-60 minutes each, in companies with huge and generic hiring pipelines where any developer can be tasked to interview any candidate. Unfortunately a lot of companies have copied the practice from Google and other big companies while they would benefit from a small scale and more personal approach. I feel like today's situation is better than it was 5 years ago though, maybe the prevalence of full or mostly remote interview rounds and/or Copilot plus ChatGPT have helped make companies and teams reconsider.