Exactly this.
It costs a company nothing to give you a take-home, but it will cost you (the candidate) potentially many hours. On my last job search, I got burned a number of times where I'd work for hours on a take-home only to get ghosted. I don't think they even looked at my solution.
Now I have a personal policy where I will refuse to do a take-home unless the interviewer sits there with me while I do it. This demonstrates to me that the interviewer is actually serious and respectful of my time.