It would work wonderfully for candidates who don't currently have a job, or at least a job they have much interest in keeping. Examples:

* newly graduated student

* someone who wants to break into software engineering from an unrelated industry

* someone re-entering the workforce after an extended leave (e.g. caring for a child, parent, or one's own medical issues)

For someone like you who (I assume) is currently employed as a software engineer, it's obviously a worse option than the traditional leetcode-oriented interview.