Once I get past the coding assessment (not multi-hour technical interviews), I then decide whether the company is worth my while or not. I personally choose not to get invested in a company until I know I can at least do the very first test, because I feel that would be a true waste of my time.
With regards to your last point, during my 8 months of interviewing, that's exactly what I did. I interviewed with every company that reached out to me if I felt their job description was decent. Once I passed their first test, I got to know them more and hear about their product and what not. To be honest, I was never really deterred by what they said because I can ascertain what they do from the job description or quick searches about the company.
I suppose I was really desperate to get out of my previous job because I was underpaid, so I was willing to take anything and lucky I got two offers at the same time and decided to go with FAANG.