Is it really worth it to lose a day in your weekend for a couple hundred bucks and the hope of getting yet another assignment or a job?
And, if we're being really honest here, there's a ton of informal backchannel talking that goes on, so your interview "performance" regardless of medium is affected by that at many places. I think if you aren't actively working to make your interview process objective, it's being strongly affected by many biases and informal relationships.
That's all to say that on the balance, taking up "some" or "all" of a candidates time isn't that interesting of thing to think about because the process is so broken in so many other ways and this one doesn't have a huge impact.
I can't get that from a take home assignment.