I hate take home projects, but with the hiring environment being what it is right now, I'm not sure we have the luxury of refusing to interview with companies just because we don't like their interview process.
I don’t think there are a lot of companies doing it anymore. I am starting to see companies screen via online code platforms (ex. Coderpad) more than take home projects. Which I don’t mind because the problems are 30mins-1hr. It’s the 5-8hr projects with no callback that is not worth it. If I successfully complete a project you better interview me, otherwise your company will be receiving a negative review.