Do time bound Hackerrank/Coding tests justify recruitment process?

I recently answered an interview, where I was asked to do some manipulation of strings and solve a question which was 5 paragraphs long and had 18 test cases. They had MCQ's as well, these all had to be solved within 55 minutes. I am a Software Engineer with 8 years of expertise and have come to a realization that these questions are solvable only if you are a competitive programmer. I have demonstrated problem-solving at my own pace, in fact I have demonstrated my abilities by developing code slowly. I am feeling a little down that I couldn't solve problems. It is my understanding that solving problems faster doesn't make you a great engineer, but solving efficiently and carefully designing/architecting solutions builds a better system. I wanted to know whether others feel the same here. Would love to know if you have overcome this challenge as well.