I'm curious to know if endless rounds of interviews, take-home assignments, multi-month timelines, the need to prove you know the absolute basics after working in the field for decades, and extremely high chances of rejection are the norm anywhere else.
Many years ago some tech roles in non-tech companies worked like this too.
For certain specific software automation positions, we did end up giving a coding test during the on-site interview. But no homework or multi-round stuff.
The present situation in software is mostly the result of an oversupply of labor. Companies are endlessly picky because they can be. I am old enough to remember other recessions where companies could make ridiculous demands (once had a company demand I come in early Sunday morning for an interview, just to make sure I was truly committed to working 24/7. No thanks!)
Recessions eventually end, although not always in a way that helps specific careers. Good luck!