The code itself is, of course, valuable for helping us to evaluate, but honestly some of the best signals we get come from the open-ended discussion that results from us talking with the candidate about their code when they are done: "imagine this file you're processing is 100TB instead of 100kb? Would you change anything?" or "What if this clean data you've been given to work with had this or that issue, what might you do?"
My only point of disagreement with this article is that it seems to assume that a homework problem has to be really time-consuming or burdensome, but there's no reason that has to be the case. To me employers who are asking candidates to spend hours or days on homework are of a piece with ones who ask people to solve tricky, unrepresentative computer science problems on a whiteboard: they reveal that they don't really know how to interview people and they don't have much respect for their candidates.