I feel the complete and total opposite. With leetcode-esque ones it's just a luck of the draw that you can conjure up the memory for whatever it is they're asking you to do. The decent ones are the ones that at least are somewhat realistic, but the truly terrible ones are those where you have to remember how to do an algo of some sort but you have no access to outside tools of any kind. I've never come out of a leetcode and felt like I learned anything or could've done something better, not to mention the artificially crafted high stress environment. I feel like they also literally never reflect anything even approaching the actual work, either, and basically test your memory more than anything else. There's a reason there's a billion books out there about how to "crack" the leetcode style interviews.

On the other hand, with takehomes I get to approach a project as if it were my own little hobby thing. I get to approach it in ways that are comfortable for me to work, with my music on, in my own editor, on my own setup, with no time pressure (or at least very light time pressure, just like during the actual job). I always use it as an opportunity to try out something new as well, so I'm also learning in the process even if I don't get the job. And in my experience even when rejected, I've always gotten detailed feedback for areas of improvement, which has never happened in leetcode interviews for me.