I work at a company that grew more than 10x in under 2 years from a couple dozen engineers to hundreds. I personally interviewed well over 100 engineers. My time was valuable, but not so valuable that I couldn't spend an hour productively with each candidate. And certainly not by making them feel like it's an extended failure. On the super rare occasion that someone was gigantic "no", it's still possible to make the candidate feel valued.
One time, I had to shut down an interview cycle because a candidate was abusive to one of my reports. That's the only time I've cut a round short.