Same process used by Amazon, Meta, etc. And then they wonder why there's no more innovation at any of these places.
Whether that is working or not is harder to say, but i can at least say that high level googlers have all been quite good in my experience
The former is obviously true, if you go back far enough. Aiming for concentrating talent, the bar you can set if you need 10-20-30 engineers a year is wildly different than what you can do if you need thousands. Same applies at team level; it's possible to put together a top world-class team of 10 people, a struggle to put together 100, and beyond that order probably not going to happen, for a host of reasons.
The latter though, doesn't seem to be true at all. I don't think I know anyone in tech who holds google technically in the same regard they were held in 15 years ago as an organization. Individual teams, sure.
Google does not need thousands of engineers, they simply don't have enough financial pressure to stop themselves from hiring dead weight.