If it's the latter, you don't have to switch jobs every 1-3 years, you can find a stable company and stick with them for the long haul. You may not get paid as well as the job hoppers, but you're probably making considerably more money then you would in academia, even tenured.
Many "stable" companies are still laying people off. There aren't as many companies one can "stick with for the long haul" as there used to be.
But they will probably come up with something else sadly
That is not an option in this environment; too many companies use that as the gatekeeper. From a company's point of view, if someone refuses to take the test, that's okay because there are hundreds of other applications who will gladly do it.
Not a LeetCode example but my point is the coding exercises are silly.
(Plus Activision was apparently using Perforce at the time and not git)
How long ago was that?