Even just a tiny bit of effort in the application process does miracles to filter out people who do not really want to work for your company. Because sending hundreds or even thousands job applications requires you to optimise your efforts and reject possible employers who would require you to spend total of one day in the process.
On the other hand if found the company you would like to work for, you researched the position, you have realistic demands, spending that time is just an investment in getting the job you really want. For example, when I interview I take a day off so that I am rested, fresh and with my head reasonably empty of the projects I am currently running so that I can present my best on the interview.