But, there are others out there who appreciate a more thorough approach and might view the process you described as inadequate.

Also, our salary range is higher for senior devs.

I think what matters is whether the process being used by the organization is resulting in the hiring of developers that are a good match. I'm glad we are doing things this way even though it makes hiring take longer and likely filters out candidates who could do the work. It's an imperfect balancing act, one I'm always looking to improve. The main point of the post I made above was to show how IMO take home exams can be executed well, not to argue that everyone needs such an elaborate application process.