Furthermore, the process is partly about how good you are at being able to learn, and partly about how well you are able to keep yourself motivated to grind something out, or a combination of the two. Given enough time, FAANG interviews are 100% something you can study for, and furthermore, it is expected that you spend the time to study for them as that is also a signal of something in itself.
On the job, you'll either have to be smart enough to pick stuff up quickly or spend the time to grind out the work (working overtime, etc). You also can't fuck things up too much because the fallout can be really expensive, so it helps to be able to do things right the first time. I think what is generally tested in the interview correlates with these requirements, and prevents false positives (and probably lots of false negatives too but you can just study more and try again at that point).