This feels like the kind of thing where, "you must be at least this human to pass" and that it just otherwise mostly wastes your time if you're a robot would cover most of what Captchas are useful for.

Like, if it takes you 3-5 seconds to get through a captcha as a human, as long as every single event has that effort added, the impact to something trying to use/reuse the end-page is way worse if you're a robot than if you're a human.

I can see a few usecases where it would still be valuable to continue the game of cat-and-mouse, but I feel like solving for consistency of human experience of your website, may actually be more punishing to anything trying to bypass it.