I think for senior level positions especially it is more important to see how a candidate approaches a problem beyond just memorizing algorithms or LC solutions. I wish there was way more emphasis on "case study" style approach where you could discuss at high level how to build X. Even pulling the candidate into a real technical discussion where you're trying to optimize something and see if the candidate has any input. Building up on experience is what we should be after.

To me, asking LC or the same algo and data structures questions (implement DFS .. wow genius) is just gatekeeping via a measure that most people can pass by just memorizing stuff for a month.