Taking a step back: If preparation can give a bad candidate a good shot at passing the interview, then that interview process is broken.
If you have a company with a bad implementation of whiteboard coding interviews (for example, who just pull questions out of Cracking the Coding Interview), then it's absolutely true that a bad candidate could pass this process.
This doesn't mean that whiteboard interviews are broken. It means that this company's implementation of whiteboard interviews is broken. There is a difference.
For Google specifically, their implementation is decent, but not ideal. A bad candidate would have low odds of passing an average interview at Google, but those odds are not as low as I'd like.