I don't think it measures much else.
Why do you think the SAT is a measure of hard work or character?
Without standardized tests, my transcript probably doesn't get me into a top school, I likely don't end up in tech, and honestly maybe I would've been forced to develop a work ethic earlier, which might have been better for me.
Well, it absolutely doesn't need both, because I got one without, at least, the first of those (beyond the extent that "getting up early on a Saturday" and "sitting calmly while bored out of my mind after finishing each portion of the test waiting for time to expire" is "hard work".) I like to think I had the second, but it didn't seem particularly relevant to the test in any way.