I don't think coding exercises are going away any time soon. There is something to be said to be able to solve a problem without having interviewers staring at

I don't think coding exercises are going away any time soon. There is something to be said to be able to solve a problem without having interviewers staring at you over video, and being able to use your preferred tools and language. That being said, if you want to avoid having a large imbalance in risk/reward, I would suggest talking compensation before agreeing to submit yourself to a large time investment. At least that way you know why you are putting in the time investment that comes with take home assignments. There's nothing worse that putting in a significant effort into the interview process only to discover your compensation expectations would never be met.