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I noticed that the two people quoted are both PMs. So does this have any relevance for software engineers?

Yes, these are software engineering interviews. It's the PMs who are designing and refining the process though.

It seems to me that it should mostly be software engineers designing the software engineering interview process.

At Microsoft many senior devs eventually go into the PM track (while still actively writing code) because there’s more salary there

No there is not.

No, this is describing the PM interview process. Source: I’m in this org at the company and have interviewed candidates under this model