if I spend 3 months full time building a product, I have something of value, guaranteed. If I spend 3 months on interview prep, then I still have to start going through the cycles, and it will take another 3 months before I might have a job. No guarantees. Anyone can build something in a month, so the idea you have no time to build a side project is just BS. Especially if you can spend months grinding leetcode.
It's a gamble. Most companies don't bother to look at Github page, at least in my experience. On the other hand, the skills you build grinding leetcode can get you a good job (and the next ones).
grinding leetcode guarantees nothing. I does not guarantee you will get a job now, and it won't in the future when you go looking for your next job. Looking back at my recent experience I don't see how it made any sense for me to spend my time on that.