I've had the complete opposite experience, and feel the complete opposite way. What is there to learn from failing a leetcode? It feels like luck of the draw - I didn't study that specific problem type and so failed. Also, there is an up front cost of several months to cover and study a wide array of leetcode problems.

With a take home I can demonstrate how I would perform at work. I can sit on it, think things over in my head, come up with an attack plan and execute it. I can demonstrate how I think about problems and my own value more clearly. Using a take home as a test is indicative to me that a company cares a bit more about its hiring pipeline and is being careful not to put candidates under arbitrary pressures.