The problem with one or two hour whiteboard interviews is that they're actually one or two hours, while an inexperienced candidate can spend 8 hours on a take home project that's calibrated above their level, as can a scrupulous candidate who puts in more work than is necessary.
And if they complete the challenge it’s a strong indication that they are a good fit for the role where they may otherwise be presumptuously dismissed for not having an expected level of experience. Id rather hire people who put in effort that expect their tenure in an industry to buy them future jobs.