> In terms of salary, if the potential jobs pay a similar salary, is
> does not seem worthwhile to pursue the coding project style interview.

I assume the "coding project style interview" doesn't consume months of your time. Thus, you aren't really talking about a huge trade-off here. I'm also assuming that you have at least some insight into the desirability of the position, and your fit in the company, before you are asked to spend time on the project.

We all get to decide if what is being asked of us during the interview process is "worth it" or not. That's a very personal decision. **That's a decision that only you can make.**

Some people wouldn't be willing to spend more than an hour or two interviewing. Others are willing to devote more time.

For me, I will only interview for jobs that I think will be very much worth having. Consequently, I'm willing to show a fair bit of extra effort in an attempt to convince the potential employer that I'm a good fit for the job.

I've sought jobs where I've had multiple days of interviews with several levels of management. I've sought jobs where I had to prepare and conduct a presentation in front of a panel. I've sought jobs where I had to interview at two different locations on the same day. I sought one job where I was asked to perform some real work (but on my own time) before being hired. I accepted those conditions because I felt that the jobs made the effort worthwhile.

Maybe you aren't pursuing really good jobs, so the interviews aren't worth much of your time. If that's the case, then ignore all the jobs where you have to expend any effort in the interviews and hope for the best. Otherwise, a good job is worth a bit of effort, so extend yourself and follow their requirements. Knock the coding project out of the park and get the really good job. In the overall scheme of things a few extra weeks of work are very minor.

Note: My answer assumes ethical behavior on both sides. Whenever there is illegal/unethical behavior, then this answer may not apply.