I tried using my (limited) open source hobby project portfolio as a substitute for coding interviews. Companies either didn't take me up on it, or still also required me to do their regular take-home. Twice now, I have had two companies ask for the same take-home, although in the first case they asked me to re-do the work in their preferred language.
Not so much "more likely to get them the job", more... I felt like my projects weren't actually suitable to take the place of coding interviews, largely because I couldn't actually drop in and work on them in the way that coding interviews show me actually doing work.
If I see a repo of rcfiles I know they care about working efficiently. If I see abandoned stuff with more than 1 commit that's OK, that's something that was cared about at one point. These are just two super generic examples. Almost everything is a positive.
The only thing I don't like to see is repos with 1 commit, and nothing other than a README with the repo title in it. Not really negative, more of a 'cmon gimme more.'
Otherwise the number of companies that care about a candidate's portfolio is small. Just studying leetcode problems is still the most scalable way to a job, unfortunately.
A shame, because there are so many things I want to build, work on, or contribute to, but all of that is put on hold until I can land the job first via leetcode.
But at places that are a bit more flexible, it may work.