Whiteboard interviews are used, not because they have a lot of relevance to the job, but because they're a hard-to-fake indicator of high intelligence. Somebody who shows a lot of mental fluidity with complex data structures, almost assuredly can quickly master any specific tech stack. Even more so than a less intelligent person with years of experience in that specific tech stack.
It's the same reason that the military selects infantrymen based on word synonyms and fast mental arithmetic. What does that have to do with loading a rifle or marching in formation? Not a whole lot specifically, but whenever they've lower the intelligence standards, the results have been disastrous.[1]
There are other important qualities for certain. Honesty, resilience, hard work, enthusiasm, being a team player, reliability, etc. But almost all of those qualities are easy to fake and hard to assess in a 30 minute conversation. People who are hired on these qualities, are usually tapped from a pre-existing network, not selected from the recruiter funnel. If you've only got a half hour to choose a candidate, then pretty much your only reliable option is test their intelligence.
[0] https://psycnet.apa.org/doiLanding?doi=10.1037%2F0022-3514.8...