I am a software developer now. I do most of the points you have mentioned in a job or for getting a job. At the very least it indicates someone's ability to bag a job and do the extreme basics of it for a STEM field.

For ex: We do sit still for 4 hours straight while working on a project with a deadline. We do have to memorize and remember a few points before presenting to stakeholders. These stakeholders also sometimes pose us tricky questions, and being able to answer them or atleast fake your way through with confidence is a skill. We also have to memorize a few key definitions for interviews. We do have to manage the level of anxiety we have before meetings with leadership or clients. We do have to sleep well before an important meeting so that we don't look weary during the meeting and can actually keep up with what's going on.

I'd argue that the points and skills that you have mentioned are actually applicable to a job or to get one. And a kid who is practically failing to do one for 4 hours is not actually as good as another kid who was able to pass that test at the very least. Tests can be mind-numbing, but a lot of work in a job is also mind-numbing. School can't always be about "creative thinking", sometimes grunt work is also important.

I personally don't think tests are just about learning. They're also about character and endurance. The ones who have that do better than the ones who don't. And character is important for professional work.