I think this is a bit specious, at least from anecdotal evidence. I know bunches of people at my school (Top 50) that have interviewed at companies that ask leetcode-style questions yet very few get offers or even make the 2nd round or onsite. If you look at LinkedIn you'll see the vast majority work at Cisco, IBM, SAS, Amazon etc and not Google, Jane Street, or Facebook.
The quality of the cohort and, to a lesser extent, the quality of their DS&A classes matters quite a bit.
As someone that has gone through it, no. It is possible to get intern and new grad full time offers by passing one online debugging test and one coding test (in rare cases a single one!).
Also the comp is a league below the others I mentioned.
*with that said, Amazon does work on a lot of really revolutionary stuff that I definitely wouldn’t be able to work on in 90% of other companies. Really enjoyed my internship there.
The quality of the cohort and, to a lesser extent, the quality of their DS&A classes matters quite a bit.