yeah, a sufficiently motivated attacker can deploy some countermeasures to bypass it, but only really worth it for targeted attacks. Anyone who has a form on the internet knows that without any sort of captcha, you get lots of stupid bots just typing in jumbo. Likely you could tone back the captchas and still get a similar result in stopping the dumb bots[0]
[0] on my contact page my email is protected via a custom cypher. if the bots execute javascript and wait 0.5s they can read it, but most don't. It’s the dumbest PoW imaginable, but it works