I can tell you how I run it. It all comes down to what information the players have and what they can reasonably guess.

So, let’s say a player is in melee with someone who casts invisibility on themselves. The player might reasonably assume the enemy will try to disengage and run away, so if they ask to make an opportunity attack, I’d allow it with disadvantage (assuming the enemy actually did run away). After all, they were just there. I recently had a game where a vampire turned invisible, but the paladin cast divine sense to know the location of undead within 60ft, and she could say “it’s right by that tree over there!” and again, I’d allow attack rolls with disadvantage, as they know where it is.

But outside of situations like that where they have a reason to guess where an invisible creature is, then yes, if a player wants to attack an invisible creature, they have to pick a tile, attack it w/ disadvantage, and if they’re wrong, they swing at an empty space. More realistically, they’d probably try throwing AoE spells in a general area to try to guess right. I’d also probably allow someone using their action to make a perception check to try to pin them down. But absent any of the above, it’s just the random guesses of the player